When is a ghost sign not a ghost sign?

I called in at the yarn company I do a lot of work for in Bradford today, and was pleased I had my compact in my handbag ( the handle of which broke on the way out the door this morning!) as I saw this at the bottom of their street.

I am not sure if the purists would class this as a ghost sign as the company is still in existence in that same building, but I love it. If you look carefully you can see two images on the ghostly part of it!

One I hadn't spotted before so wasn't on my list.