By Daryl Lang

London Features International, the struggling celebrity and entertainment photo agency, is being rebuilt under a new owner.

Imvest Ltd., an investment company owned by sports photographer David Jacobs, finished acquiring the U.K. assets of London Features last week, Jacobs says.

London Features had been put into administration – similar to bankruptcy – because of a court action against its former owners, including director John Halsall, according to Jacobs.

Jacobs has already hired a new manager to run the agency: James Claydon, who previously managed the European operation of Getty Images-owned WireImage. Jacobs says the agency will maintain its existing relationships with contributing photographers.

"We're really excited pushing forward," Jacobs said. "It's been absolutely nonstop so far."

Jacobs is the founder of Action Images, a successful sports photo agency that Reuters purchased in 2005. Jacobs stayed with Reuters until September of last year.

Jacobs would not disclose how much he paid for London Features. He says the deal includes the company name and its wholly owned archive. The purchase does not include the debts of the U.S. operation of London Features, which closed its one office in New York earlier this year.

London Features, which supplies photos to celebrity magazines and other publications, has had a hard time competing with bigger agencies.

"We can't compete with American multimillionaires, unfortunately," London Features owner Halsall told PDN in February, when the New York office was shuttered. He said magazines were opting for cheaper photos, and Getty's prices were undercutting his agency.