BREAKING NEWS: Advance Group seals Prestige takeover deal

Advance Group is the new owner of Prestige Catering Equipment.

Dunstable-based Advance Group has acquired fellow distributor Prestige Catering Equipment of Northampton.

Prestige has developed a number of high profile service contracts in the local market, including at the Silverstone racetrack, Le Manoir and a number of county council school contracts.

The Northampton dealer’s back office will now have access to Advance’s IntEquip asset management system. This should allow its customers to see up to date financial information to ensure that they make the right decisions on a factual basis as to whether to repair or replace assets.

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Mark Curry, who founded Prestige in 2011, will stay with the company to lead its future development.

Advance Group chairman Steve Coates commented: “We are delighted to have acquired such a great business.”

He underlined that his firm’s acquisition model is to buy and build existing businesses with the owner, detailing: “Our acquisition model is based on acquiring well-run service businesses where we can add value by providing significant business systems and back office support. This will enable each company to focus all its efforts on customer-led initiatives.

“We are currently reviewing a number of opportunities where existing owners want to sell a majority stake in their companies but want to continue to lead the business that they started with the support of Advance.”

Prestige’s latest publicly available turnover figures show that in the 12 months to 31 December 2016 it generated revenue of £1.4m, while Advance is a major sector player, having topped £18.1m turnover in the year ending 31 March 2017.

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