PFI buys Creative Digital Images in pre-pack deal
Monday, January 18, 2021
PFI Group has acquired Creative Digital Images out of administration as it continues to expand its roster of signage and large-format printing businesses.
Manchester-headquartered PFI completed the deal on 7 January, the same day that David Acland and Paul Whitwam of FRP Advisory were appointed as joint administrators of Bradford-based Creative Digital Images.
In a statement, the administrators said their appointment followed “a period of declining revenues brought about by the Covid-19 pandemic”.
“On appointment, the administrators completed the pre-pack sale of the business to PFI Group, preserving all 36 roles.”
Acland added: “Creative Digital Images has created an enviable reputation over the last 20 years as a supplier of quality products to an attractive customer base.
“The level of interest generated in the sale process is testament to this and we’re pleased to have been able to preserve jobs in the current economic climate. We look forward to Creative Digital Images returning to strength as part of the PFI Group in the future.”
Large-format and screen print specialist Creative Digital Images produces POS and product displays for the retail and events sectors, including for cosmetic and beauty brands.
PFI Group, meanwhile, supplies products and services to a range of blue-chip customers including Balfour Beatty, Amazon, Lloyds Banking Group, the Post Office and retailers including Tesco, Harrods and Boots.
PFI said Creative Digital Images “has good brand value within its specialist markets” and that its core brand identity will be retained. The company's staff are expected to remain in their current premises “for the foreseeable future”.
The deal follows the acquisitive group’s purchase of Leeds-based businesses Insignia Signs in November and Futurama Group in April.
The group also includes PFI Signs, GB Sign Solutions, Sign Plus, Lofthus Signs, In2 Signs & Graphics, Shades Graphics and Mardan Products.
In a statement posted on the company’s website, PFI Group chief executive Darren McMurray said: “PFI Group are delighted with the acquisition of Creative Digital, which further diversifies the PFI Group’s customer mix and both strengthens and compliments our impressive stable of groupwide manufacturing capabilities.
“The group’s development and growth continues to go from strength to strength and we look forward to announcing further acquisitions in due course.”
Following the completion of the deal, the PFI Group now employs more than 260 staff across its 10 sites and group turnover for 2020/21 is forecast at circa-£40m.