AgfaPhoto GmbH is to start the process of winding up after a committee of creditors rejected a takeover bid submitted yesterday by UK photobooth operator Photo-Me International PLC, reports AFX News Limited.

AgfaPhoto GmbH is to start the process of winding up after a committee of creditors rejected a takeover bid submitted yesterday by UK photobooth operator Photo-Me International PLC, reports AFX News Limited.

The news, which is yet to be confirmed to AP, quotes AgfaPhoto spokesman Thomas Schulz who told the news agency: ?It will be the end for AgfaPhoto GmbH on 31 December 2005.?

It is understood that the company may be sold in separate parts.

Based is Leverkusen, Germany AgfaPhoto GmbH is the consumer imaging arm of Agfa. It was sold to management and a group of financial investors in November 2004 and filed for insolvency earlier this year.

AgfaPhoto?s products include photographic papers, film and chemicals.

Yesterday we reported that AgfaPhoto UK made around 20 staff redundant – more than a quarter of its staff. The losses were understood to be all within the sales and marketing section of AgfaPhoto UK which is based in Brentford, Middlesex. The UK company is understood to employ around 70 people in total.

No-one at AgfaPhoto was available for comment at the time of writing.