Prestige Aggregates hit a cash flow crisis at the end of 2024, culminating in filing a notice of intention to appoint an administrator on 10th February.
Accountancy firm PKF Smith Cooper’s business recovery and restructuring team is supporting Prestige through the process.
Prestige Aggregates, set up in 2013 by Graham Lambert, had come to specialise in the use of recycled aggregates from waste glass packaging to be used within the aggregate and construction sectors. It has developed relationships with suppliers to design concrete mixes that include recycled glass and concrete aggregates, with the intention to include waste plastic in the near future.
The collapse of the waste glass recycling sector between July and December last year caused Prestige Aggregate to struggle as it had expanded significantly into this market. With accumulated debt on top of failing market investments, the company’s cash flow took a hit towards the end of 2024.
The business is continuing to trade while a purchaser is sought for the business and its assets.
Dean Nelson, PKF Smith Cooper’s head of business recovery and restructuring, said: “Prestige Aggregates has unfortunately faced a challenging end to 2024 and we are now in the process of restructuring their business. We will be working closely with the company’s management team to assist and support them in securing the best possible future for the business, its employees and creditors.”
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