Tue, 17 Aug 2021 | ADMINISTRATION
Lincolnshire trailer manufacturer Fruehauf Ltd has entered administration, with a buyer or investor now being sought for the firm. Fruehauf, which is headquartered in Grantham, produces a range of rigid and tipper trailers, as well as providing quality control systems.
The company was founded in 2010 and, in its most recent financial reports covering the year to September 30 2019, reported post-tax losses of £439,661 on turnover of £23.7 million. At the time, the company had £1.3 million in fixed assets and £8.2 million in current assets. After liabilities, the firm’s net assets stood at £1.9 million.
Quantuma’s Carl Jackson and Tauseef Rashid have been appointed as joint administrators to the firm, along with Brian Johnson of UHY Hacker Young. The administrators are exploring options including a potential sale of the firm or a company voluntary arrangement (CVA).
The company’s employees are currently on the government’s furlough scheme with no redundancies having yet been made and no sites forecast to close due to the administration. The company employs around 100 staff at a 64-acre site.
Joint administrator and Quantuma Chief Executive Carl Jackson said: “I can confirm we were appointed as joint administrators to Fruehauf Ltd earlier this month.
"We are now exploring opportunities to secure the long-term future of the business and deliver the best possible outcome for all staff and stakeholders. Options being considered at this stage include a potential sale or further investment from external parties.”
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