Eight Roads-backed Picsolve enters administration

Katharine Hidalgo
11 May 2020

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Eight Roads portfolio company Picsolve, a photographic systems provider, has entered administration.

The firm manages the proprietary capital of insurance company Fidelity Equity Partners.

Deloitte has been appointed to find a buyer for the whole company or for a part of it.

The majority of the company's staff have been furloughed, according to a report by Insider Media.

Meridian Equity acquired Picsolve in May 2006 for an undisclosed sum.

Fidelity acquired 85% of the company in an enterprise value deal of £33m. The investment was the fourth made from Fidelity's inaugural FED I fund, which it started investing in mid-2007. The Royal Bank of Scotland provided a senior debt package of £13m at the time.

In August 2019, the company acquired Belgium-based Panora.me.

The company is now wholly owned by Eight Roads.

Derby-based Picsolve offers photographic systems for leisure attraction operators such as Alton Towers. It has 160 full-time employees and almost 450 seasonal and casual positions. The company recorded a turnover of £54.6m for the year ending in February 2019 and a pre-tax loss of £6.9m, up from £6m in the preceding year.