Presteigne Broadcast Hire Limited (10278867): administration
- Status
- Administration ended
- Administration began
- 2024-05-14
- Administrators
- Stephen John Absolom, William James Wright
- Administrators' firm
- Interpath Advisory
- Formerly
- Presteigne Broadcast (2016) Limited; Presteign Broadcast (2016) Limited
- Incorporated
- 2016-07-14
- Location
- London
- Industry
- 77390 Renting and leasing of other machinery, equipment and tangible goods n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was affected by general sector headwinds following the Hollywood actor and writer strikes that had a follow-on impact on the level of productions in the sector. The Company was also in the process of making a transition from traditional dry hire of equipment to supporting global broadcast projects, which created working capital issues and did not generate the forecast revenues or profits.
As a result of this, Interpath were formally engaged on 4 April 2024 by IPSG and ThinCats, to review the short-term cash flow forecast of the Group. It was clear from this review that there was a short-term cash flow crisis in the Group.
The Directors of IPSG therefore engaged Interpath on 9 April 2024 to run an accelerated options process to explore the sale, investment and refinance options available to the Group. The liquidity pressures within the Group constrained the time to run this process to c.3 weeks.
Administrators' statement of proposals (2024-06-27) · Companies House register