Presteigne becomes latest hire company to enter administration

Presteigne Broadcast Hire

Presteigne Broadcast Hire has entered administration.

The dry hire company announced the news on 14 May, appointing Stephen Absolom and William Wright of Interpath Advisory as joint administrators of the business. No further details have been announced. 

Presteigne is the latest hire business to enter administration, following ProCam Take 2 and Televideo last year. It has two bases, in the south and north of England.

In its last posted accounts, for the year ending 30 September 2022, it reported fixed assets of £9.5 million and current debtors and cash at hand of over £2.8 million - with creditors that needed to be paid within a year totalling just over £2.1 million. Creditors which were falling after one year totalled over £13.5 million.

Presteigne provides hire of equipment to the film and production industry. Headquartered in Crawley with a second site in Warrington, the company operates across a range of sectors, and employs around 40 people.

In a press release, the administrators said: “The company has an established global client base with operations across various geographies, sectors and specialist areas within the broadcasting industry, including major sporting events, including the Olympics and Euro 2024.

“In response to recent challenging trading conditions, Interpath was initially engaged in April 2024 to undertake an assessment of Presteigne’s options. Unfortunately, with no solvent options available, the Company announced that it had entered administration on 14 May 2024.”

The administrators are now focused on trading the business as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.

The business continues to trade and deliver work during this time.

Steve Absolom, managing director at Interpath Advisory and joint administrator, said: “We have already received a number of expressions of interest in the Presteigne business and expect more in the coming days.  Whilst these discussions continue, we will continue to serve Presteigne’s impressive global customer base. We would like to thank the employees of the Company for their understanding and support while this process is ongoing.”