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Eversheds Sutherland advises Picsolve Holdings on its sale to PomVom UK

Eversheds Sutherland has advised Picsolve Holdings, a digital photographer supplier to theme parks, on its sale to PomVom UK.

PomVom is an advanced artificial intelligence technology company that creates real-time digital photography experience in amusement parks, events and sports.

The joint administrators from Deloitte sold the business and assets out of administration to the PomVom Group, saving 607 jobs.

The Eversheds Sutherland team was led by Restructuring Partner Mark Wood and comprised: Partner Mark Pipkin (employment), Principal Associates Ian Gill, and Doug Highet (both restructuring), Associates Ollie Spence (restructuring), and Sam Caunt (commercial).

Wider assistance was provided by the global law firm’s offices in the Middle East, Asia and Europe.

Mark Wood said:

“Picsolve Holdings achieved a turnover of £54.6m for the year to 28 February 2019, up from £45m in the prior 12 months. However, the company's pre-tax losses widened from £6m to £6.9m. In June 2018 Picsolve's chief executive revealed his strategy to expand globally, which included eyeing involvement in the Tokyo 2020 Olympic Games, but the current pandemic put pay to that plan.

“The business now moves forward in good shape and with great prospects thanks to the team’s efforts and via wider assistance in the ME, Asia and Europe.”

All 607 permanent employees at Picsolve International Limited will transfer to the new owners, along with 35 sites based across the UK and Europe.