The deal, which rescued the Oxford-based photographers, was secured by Vivian Bairstow and Nick Hood of business recovery firm Begbies Traynor, who advised the company after it went into administration last week Thursday.
Bairstow and Hood worked with new management to ensure continuity of the business throughout the restructuring process.
Gilliam & Soame will continue to trade under its original name – its photographers have captured among others, Bill Clinton, the Rolling Stones, Jimmy Carter, Mother Teresa and archbishop Desmond Tutu.
Vivian Bairstow said: ‘The message to Gillman & Soame’s customers is that it will be very much business as usual. We are delighted that such an historic firm, which will be fondly remembered by so many school children many of whom will have become leaders in British politics, the armed services, the Church, academia and business, is able to continue in business under experienced management.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies