Presteigne Broadcast Hire has announced it has called in administrators.
Steve Absolom and Will Wright from Interpath Advisory were appointed Joint administrators of Presteigne Broadcast Hire Limited on 14 May 2024.
Presteigne provides dry hire of broadcasting equipment to the film and production industry. The company operates from two bases in the UK: one serving the London area, the South, the Midlands and Wales, and one in Warrington serving Manchester, the North of England, Scotland and Northern Ireland. It employs circa 40 people.
The decision to call in the administrators was taken in response to recent challenging trading conditions, with Interpath initially engaged in April 2024 to undertake an assessment of Presteigne’s options, said the company.
With no solvent options available, Presteigne officially entered administration on Tuesday 14 May 2024.
The administrators are now focused on trading the business as a going concern while they assess options, including exploring the possibility of a sale as a going concern, said InterPath.
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.”
Presteigne is the latest UK-based media company to call in administrators following the collapse of both Televideo and ProCam Take 2 last year.
