Our Restructuring and Advisory Division secures future of Prestek Computing Limited with same day pre-pack sale

Business advisory firm our Restructuring and Advisory Division has rescued 15 jobs through the pre-pack sale of Wokingham-based Prestek Computing Limited (PCL) to JLC Technology Limited.

Formed in 2011, PCL is an established audio-visual and computer hardware wholesaler and excess stock repurchasing and trade resale business.

The company further grew its operations in 2018 to include end-of-life and excess stock, partnering with house-hold name brands such as Panasonic, Morphy Richards and Russell Hobbs.

PCL faced increased challenges during the pandemic, as halted supply chains and reduced global production tightened its margins on products. Despite the pandemic coming under control in 2022, persistent supply chain issues and the unpredictable economic environment continued to pose problems for PCL’s customers, causing stock availability to decrease significantly. This meant that trading month-to-month became increasingly difficult for PCL, resulting in a sale to rescue the business.

Our Restructuring and Advisory Division director, Nick Parsk, and managing director, Chris Newell, were appointed joint administrators on 18 October 2022 and secured the sale of the business on the same day. The transaction has allowed for continuity of trade to customers, enhancing the value for the assets as well as saving jobs in in the process.

Proceeds from the sale will enable a return to the secured and preferential creditors.

Nick Parsk, director and restructuring and insolvency specialist at our Restructuring and Advisory Division, said: “Our priority is to deliver the best outcome for the company and its stakeholders, and myself and the team are especially pleased that the sale of the business safeguarded 15 jobs and will allow a return to creditors.”