Presteigne Broadcast Hire (PBH), supplier to the TV studio and worldwide live broadcast market, has secured a GBP3 million working capital and refinance package from ThinCats, an alternative lender to mid-sized SMEs.PBH was founded in 1991 and bought by management with backing from funds managed by NVM Private Equity in 2016. It operates from bases near Gatwick Airport and in Warrington, providing a range of technical production solutions from dry hire supply to the full turn-key provision of portable production units with engineers for many prestigious events including the Boat Race, European Football Championships, FIFA World Cup and Rugby World Cup.
The opportunity was brought to ThinCats by David Rolfe, Partner at NVM, established private equity and investment firm. Legal advice to Thincats was provided by Dan Webster, Partner at Irwin Mitchell LLP and expert valuation services were provided by Tim Chapman of Hickman Shearer.
Gary Nutley, Senior Director, Business Development, ThinCats, says: “It has been a pleasure to work with both NVM and Presteigne. We are always delighted to support ambitious management teams, and the level of expertise and knowledge exhibited by Adrian and his team was obvious from the start. We look forward to seeing them fulfil their plans.”
Adrian Young, CEO, Presteigne Broadcast Hire, says: “Gary, Alex and the team at Thincats demonstrated their ability to understand our business quickly and in a depth that has allowed the provision of a tailored package that exactly meets our needs during this Covid-19 affected period, and ensures that we have exactly the right backing in place to grow as we look forward to a busy 2021.”
