The owners of the London-based equipment dealer PEC Video have bought the assets of the company in a pre-pack liquidation deal.
PEC will now trade through the Photographic Electrical Company, a new limited company incorporated on 27 March and owned by Getting It Done, an umbrella organisation that also owns Alias Hire.
David Brady, the chief executive of the DIA Media Group, which includes PEC and Alias, is the majority shareholder of both Getting It Done and PEC Video.
The sale includes remaining stock, website and other assets. It was completed in April through insolvency practitioners Begbies Traynor. Both members of staff, including long-serving sales director Alan Alger, were transferred to the new company under TUPE regulations.
The decision to liquidate the company was made in April with PEC unable to meet its financial obligations, including approximately £80,000 worth of trade debt.
Broadcast understands that other options, including the sale of the company’s assets to a third party, were considered before the pre-pack was completed.
In an effort to reduce overheads, PEC has closed its Charlotte Street showroom and moved to a new office in Hackney Wick, East London.
Brady said he would be “working with as many of PEC’s trade creditors as possible over the coming months in an effort to pay off outstanding debts.”
Founded in 1932, PEC Video sells camera, lighting and sound equipment. It also offers product repair and servicing.
The DIA Media Group bought PEC in January 2016.