Prestige Trade Sales Limited (08396253): administration
- Status
- In administration
- Administration began
- 2025-02-21
- Administrators
- Gareth Prince, Mark Malone
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-02-08
- Location
- Birmingham
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
Prestige Trade Sales Limited (trading as Pershore Motor Group) was incorporated in February 2013. The Company traded from premises at 79 High Street, Pershore, WR10 1EX, Cherry Orchard, Pershore, Worcestershire, WR10 1EL, Unit 18 Hartlebury Trading Estate, Kidderminster, Worcestershire, DY10 4JB and Unit 5, Orleans Close, Davies Road, Evesham, Worcestershire, WR11 2FP. The Company operated various trading activities incuding the sale of new and used motor vehicles, the sale of parts and equipment and the service and maintenance of motor vehicles.
Craig Cameron became a director of the Company on 9 February 2024 having purchased it from the previous owner, Mr Wilkinson, in the same month. Despite his best endeavours and efforts to grow the business and sustain trade throughout the course of 2024, the loans taken out to fund the purchase of the business, proved too difficult to service, together with trading liabilities and debts due to HMRC. Creditor pressure began to build and legal actions were being taken against the Company. In early 2025 this culminated in one of the Company’s principal stock finance providers taking an action to recover its vehicle stock from the Company. The director initially sought advice from a third party advisor and subsequently contacted HSBC to discuss the worsening financial position. HSBC recomended the director urgently seek insolvency advice from Begbies Traynor.
Begbies Traynor were instructed by the Company on 29 January 2025 to commence an accelerated sale process to establish whether there was any interest in a pre-pack sale of the business and assets. This marketing process was run concurrently with the Notice of Intention to appoint administrators, which became necessary to file due to growing creditor pressure (as decribed above). It became apparent there was no interest in a sale of the business and assets with any enquiries relating to specific assets only i.e. land and buildings and vehicle stock. In these circumstances the most appropriate strategy was a controlled and coordinated closure of the business. The Company ceased to trade immediately upon the appointment of the joint administrators on 21 February 2025.
Administrators' statement of proposals (2025-04-23) · Companies House register