Theme park photography company Picsolve has entered administration. Deloitte is currently looking for buyer for the business.
Deloitte was appointed as the administrator for the UK based company on Monday.
In a report from Insider Media, Matt Cowlishaw, a restructuring partner at Deloitte, said that, “The mandated closure of virtually all the leisure attractions the Company operates from gave rise to an unpreceded [sic] situation situation for the company and significant cash pressure.
“We are actively seeking a buyer for all or parts of the business to allow it to continue and eventually reopen as theme parks and leisure attractions come back online.”
Picsolve does not survive the COVID 19 lockdown
Picsolve’s 160 permanent staff and 447 seasonal and casual workers, had almost all been furloughed in response to the COVID 19 lockdown.
The company was founded in 1994 as Rx Technology, changing its name to Picsolve in 2002. The company is currently owned by London-based investment firm Eight Roads which manages proprietary capital of Fidelity International.
For the year ended 28 February 2019, Picsolve Holdings booked turnover of £54.6 million, an almost £10 million increase on the previous year. The increase was driven by international expansion in the US and Asia. However, pre-tax losses increased from £6 million to £6.9 million.
In August 2019, Picsolve purchased Belgium-based start-up Panora.me. This led to the creation of Picsolve’s first innovation and creativity hub, called Picsolve Lab, a centre for developing unique new capture technology, by bringing together world-leading market expertise.