A celebrity press agency which specialises in the Royal Family and fashion shows was liquidated following a “double squeeze” on prices.
But London-based Alpha Photographic Press Agency will continue to trade under a new corporate name after a business sale was secured days after it was wound up.
According to the London Gazette the company will now continue as Alpha Photo Press.
The agency – which was established in 1983 by director Mark Blumire – is a member of the Buckingham Palace Royal Rota and provides official coverage of the Royals.
Joint liquidator Richard Toone, of Chantrey Vellacott DFK LLP explained the agency suffered from “genuine market decline, digitalisation and competition in the market place”.
He said: “There were price pressures both upwards and downwards.
“People didn’t want to pay for the images they were purchasing while clients supplying the photos were requesting increasing royalties – causing a double squeeze.
“It was a relatively substantial agency – they had an extensive library and provided photos to red-tops and all sorts of publication outlets.”
According to its website the agency covered news stories, photocalls, as well as sport and commission work both in the UK and abroad.
However, days after its liquidation Toone explained the business was snapped up.
He said: “There was a prompt sale out of the liquidation – it took place only three or four days afterwards.
“There will be a change in the management structure but familiar faces will remain.
“The company has ceased trading but the business continues under a new corporate name.”
When the agency was contacted by Insolvency News a spokesman confirmed everything was running as usual at the company.
The agency has recently snapped Harry Redknapp outside Southwark Crown Court, Hulk Hogan visiting London and Harry Potter star Daniel Radcliffe at the premier of his new Woman in Black film.
By Andy Pearce
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