The company behind the huge 'eye' screens on the outside of Birmingham New Street station has been rescued out of administration. Birmingham-based Concept Sign and Display specialises in large-format LED displays and bespoke signage and has previously worked on projects at Central station in Liverpool, Leicester City FC's stadium and Birmingham City University.
But the historically profitable firm was impacted by the covid-19 lockdowns, according to administrators from Interpath Advisory.
"This, coupled with the impact of ongoing legal costs relating to a contractual dispute, placed significant cash flow pressure on the business," said Interpath.
"After reviewing their options, the directors took the difficult decision to file for the appointment of the joint administrators."
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A sale has been agreed for the business and its assets with Leamington Spa-based private equity fund Elaghmore which has saved the jobs of all 17 staff at Concept.
As a result of the deal, Concept Sign and Display will join the Hexcite Group which was created by Elaghmore in 2019. Hexcite provides specialist signage design, manufacturing, installation and aftercare services to retailers and brand owners and includes Blaze Signs which has a manufacturing base in Frankley.
Blaze designs, manufactures and installs signage for well-known brands including The Gym Group, Vision Express, Tesco and Sainsbury's. Hexcite also includes Kent-based Cygnia Maintenance which is a provider of maintenance, repairs and image protection services.
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Concept will continue to be run by managing director Sean Morrough and director David Neale, with the company reporting to Hexcite Group's chief executive Wes Mulligan.
The acquisition will take Hexcite's annual turnover to around £35 million, with a customer base of more than 250 retailers, financial institutions, facilities management companies and other brands.
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Mr Morrough said: "We are delighted to be working with Hexcite Group and Elaghmore. They will help significantly enhance the service we provide to our clients through the increased manufacturing capacity, technical resource and geographical reach that being part of Hexcite Group will bring us."
Mr Mulligan said: "The digital, out-of-home advertising market has great growth opportunities and Concept is well placed to be a key player. Working closely with Blaze Signs adds substantial technical and manufacturing expertise to Concept and our Cygnia maintenance business can help accelerate its digital signage maintenance capability.
"Concept's offer will be of great interest to Blaze's customer base which will now have the option to go to one place for their traditional internal and external signage work as well as their digital signage requirements. Both Blaze and Cygnia are performing well.
"We expect Concept to reinforce its position as one of the leading full turnkey system integrators in its sector."
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Chris Pole, joint administrator and managing director of Interpath Advisory, said: "Concept Sign and Display has a fantastic track-record of providing creative and innovative signage solutions at high-profile locations around the country. We're delighted to have completed this transaction which secures the future of the business as well as safeguarding the jobs of 17 employees."
Law firm Mills and Reeve acted on the deal.
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