Vivid has hit back at rumours that the toymaker is ‘urgently hunting new buyers’ with an official statement issued by the firm yesterday.
In a report circulated by Sky News, the media outlet suggested that the company behind Moshi Monsters and Thunderbirds toys and backed by the investment firm Phoenix Equity Partners, is looking for new owners following recent slumps in sales.
However, Vivid has since contested the accuracy of the report, indicating that Phoenix Equity Partners is simply looking for replacement shareholders, having seen out its funding term, one that commenced in 2001.
In what it has billed as a ‘very successful investment for Phoenix since 2002’, the firm has highlighted the profitability of the fund.
Vivid boasts an annual revenue of approximately £83m.
“Vivid Imaginations has been a very successful investment for Phoenix since 2002,” read a statement from the toymaker.
“However, the Phoenix 2001 fund is now well beyond the end of its normal term. It has been a very profitable fund and in Vivid has its only remaining investment.
“Phoenix is therefore looking for a replacement shareholder for its residual stake in the company.
“KPMG has been engaged to accelerate this sales process and are in negotiations with a number of interested parties.”
Based in Surrey, Vivid Imaginations has offices in France, Germany and Hong Kong.