Picsolve Enter Administration. UK attractions tech company urgently seeking a buyer.
Creating technology for parks such as Alton Towers, Thorpe Park and more Picsolve have had to enter administration due to the Covid-19 lockdown.
Restructing partners Matt Cowlishaw and Richard Hawes have been appointed as joint administrators.
Picsolve supply digital photography for tourist attractions worldwide allowing fans to own a memory from their visit to a theme park or attraction.
The company employed 160 pernanent staff and 447 seasonal and casual workers.
Cowlishaw said:
The mandated closure of virtually all the leisure attractions the Company operates from gave rise to an unpreceded 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.
In February Picsolve’s non-executive chairman had stepped down.
Picsolve is owned by London-based investment firm Eight Roads who manage proprietary capital of Fidelity International.
The company were set to be involved with the Tokyo 2020 Olympic Games in some capacity.
A sad time for all hospitality and attractions companies at this moment in time.
Our thoughts are with all company owners and staff.
