Jobs saved as Venture Photography is snapped up

CHESHIRE-based Venture Photography, which specialises in taking quirky family portraits, has been bought out of administration in a deal which safeguards more than 100 jobs.

The Winsford-based franchise business, which was founded in 2000, and had a turnover of £40m last year, ran into financial difficulty in December 2010.

Manchester commercial law firm Berg Legal has advised newly-formed company, Indigo Venture Capital, on its acquisition of the company’s UK and Hong Kong operations..

The holding company of Venture Photography, VVG Holdings Limited (VVG), was placed into the hands of turnaround firm MCR owing Bank of Scotland around £10m.Backed by a long-standing Berg client, an un-named London-based retail entrepreneur, Indigo Venture Capital bought Venture Consolidated Holdings Limited and Venture Studios (HK) Limited.

Venture operates 38 studios in the UK and a further eight in locations such as Ireland, the US and Hong Kong.
 
Reuben Berg, senior partner at Berg Legal, said: “Venture Photography is a profitable business with extraordinary potential for further growth. With the right management team and suitable incentives now in place, the company presents an excellent investment opportunity for Indigo Venture Capital.
 
“With so many franchise businesses connected to the company, as well as the cross-border issues, the deal was a real challenge, but satisfying to support and complete. By purchasing the entire issued share capital, rather than just the assets, Indigo will be able to capitalise on Venture Photography’s brand and position as the UK’s leading portrait photographer.”

Berg said Indigo would support Venture’s existing management team and planned to expand the business into mainland China.

Venture’s founder Brian Glover-Smith, who launched the business in 2000 with the support of photographic firm Kodak, is no longer involved.

Companies House lists Berg Legal’s head of corporate, Stephen Foster, as Indigo Venture Capital’s sole director.