Update: The new owner of equipment hire and outside broadcast projects firms Presteigne and Charter Broadcast has decided to merge the two companies.

Avesco, the specialist media services firm that owns Pres-teigne, paid£2.1m for the entire issued share capital of Charter Broadcast Group's parent company, Telecast Communications, last week.

The new company, Presteigne Charter, will operate from bases in the UK, Europe, Australia and Singapore and employ 90 people. It will invest£6m in new kit this year.

Presteigne managing director Mike Ransome becomes chief executive of Presteigne Charter. All staff and management will be retained for at least the next six months while the organisation's structure is examined.

With a busy summer of sporting events coming up, the two companies have already started working together by pooling their equipment resources. “The benefit to clients is the breadth of the equipment and the technology we can offer,” said Ransome.

Presteigne rents high definition and standard definition camera equipment, video tape recorders, hard disk recorders, lenses, RF links and de-rig systems.

The Charter Broadcast Group of Companies provides broadcast systems, broadcast equipment and digital radio camera services worldwide.

Avesco Group plc is the parent company of an international media services group providing
services to the corporate presentation, entertainment, sport and broadcast markets by bringing together audio visual, staging and production expertise and studio facilities.