Hire company Presteigne Broadcast Hire Ltd has now gone into administration with the business continuing to trade as a going concern.
Steve Absolom and Will Wright from Interpath Advisory have been appointed Joint Administrators of the company.
Dry hire outfit, Presteigne has facilities in Crawley and Warrington and employs around 40 people and works for various broadcast clients including major sporting events, like 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 but with no solvent options available, the Company announced that it had entered administration on 14 May 2024.
The Joint 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.”
Jon Creamer
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