Wed, 02 Jul 2025 | ADMINISTRATION
A Stoke-on-Trent-based vehicle rental and contract hire firm has fallen into administration and ceased providing services, with the business now being wound down. Prohire has a fleet of around 3,400 vehicles and employed around 80 people.
The company provided contract hire, fleet management and rental services, with its fleet spanning cars, light commercial vehicles (LCVs), trailers and trucks. In addition to its primary head office in Stoke-on-Trent, the company also had multiple locations in the area, plus a secondary site in Tunbridge Wells, Kent.
The company was founded in 1997 and had carved out a strong position among foodservice and last-mile delivery operators. In 2018, the company underwent a £40 million management buyout (MBO) backed by NorthEdge Capital.
In the year to March 31 2024, the company achieved turnover of £52.8 million, up from around £44.4 million a year earlier, but fell from a post-tax profit of around £1.2 million to a loss of approximately £132,000.
According to EY, the company had experienced liquidity challenges over recent years and, despite the management team exploring options to safeguard its future, they were unable to raise the funding required for it to continue trading.
As a result, the company fell into administration towards the end of last month, with Timothy Vance and Samuel James Woodward of EY-Parthenon's Turnaround and Restructuring Strategy appointed as joint administrators of Prohire Limited, as well as holding company Prohire Group Limited, on June 27, 2025.
Following the appointment of the joint administrators, the company has ceased providing services to customers while the possibility of novating customer contracts and vehicle funders to new providers is explored.
The majority of the company’s employees were made redundant upon the appointment of the joint administrators, with a small number retained to assist in an orderly wind-down of operations.
In Prohire Limited’s most recent accounts, its fixed assets were valued at £43.4 million and current assets at £42.3 million, with net assets amounting to around £12.6 million.
Read about the main cybersecurity considerations when conducting M&A deals.
This leading recruitment agency boasts over 30 years of expertise in mechanical and electrical engineering, offering a robust infrastructure and an extensive candidates' database.
A highly respected family business specialising in waste recycling is now available in West Yorkshire, offering a unique opportunity in a thriving industry.
This profitable security business in West Sussex boasts a robust recurring income stream, making it an attractive opportunity for potential buyers.
02
|
Jul
|
Acquisitive professional services firm secures new private equity owner | BUSINESS SALE
A professional services firm that has completed 16 acquisiti...
02
|
Jul
|
£53m-turnover vehicle rental firm falls into administration | ADMINISTRATION
A Stoke-on-Trent-based vehicle rental and contract hire firm...
02
|
Jul
|
Education services provider Empowering Learning Group sold by Graphite Capital | BUSINESS SALE
UK investor exits market-leading, high-growth education serv...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.