Presteigne Broadcast Hire ceases trading

Presteigne Broadcast Hire has ceased trading after its administrators were unable to find a buyer for the business.

The dry hire company appointed Stephen Absolom and William Wright of Interpath Advisory as joint administrators of the business last month, but continued to trade as a going concern as the pair explored the possibility of a sale.

However, a buyer hasn’t emerged and the company has now ceased to trade. The administrators are now looking for a buyer for its remaining assets, and a spokesperson for the joint administrators said: “Unfortunately, it has not been possible to secure a going concern sale of the business and consequently, the Company has ceased to trade.

“We will be providing support to those employees who have been impacted by redundancy, including providing them with the information required to make claims to the Redundancy Payments Service.”

Broadcast Tech understands that 20 employees have been made a redundant, with a small number kept on to assist the administrators while they sell the company’s assets.

Presteigne provided hire of equipment to the film and production industry, with headquarters in Crawley and Warrington. It’s the latest hire business to enter administration, following ProCam Take 2 and Televideo last year, and 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.