Administrators appointed at broadcasting equipment hire firm
Thu, 16 May 2024 | ADMINISTRATION
A Crawley-based company that supplies broadcasting equipment to the film and production industry has fallen into administration. Presteigne Broadcast Hire Ltd is a dry hire business that works for a range of broadcasting clients.
The company, which has a second facility in Warrington in addition to its Crawley HQ, works across an array of sectors, with an established global client base and an approximately 40-strong workforce. The firm has operations across various geographies, sectors and specialist broadcasting areas, including major sporting events, such as Euro 2024 and the Olympics.
However, the company has encountered challenging trading conditions recently and last month engaged Interpath Advisory to assess its options. No solvent options could be found for the business and Interpath’s Steve Absolom and Will Wright were appointed as joint administrators on May 14 2024.
The joint administrators will now focus on trading the business as a going concern while assessing its options, which include the possibility of a sale as a going concern. The company will continue to trade and deliver work during the process.
Steve Absolom, Managing Director at Interpath Advisory and joint administrator, commented: "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.”
In Presteigne Broadcast Hire’s most recent accounts at Companies House, for the year ending September 30 2022, its fixed assets were valued at £9.5 million and current assets at £2.8 million. However, the firm’s debts at the time left it with net liabilities totalling more than £3.4 million.
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