Buyer sought for construction machinery supplier in administration

Wed, 05 Jul 2017 | ADMINISTRATION

A buyer is being sought for a construction machinery supplier in administration.

Promac Solutions, which supplies new and used plant and machinery for construction, demolition, earth moving and agriculture from its base in Berkshire is now being marketed for sale by Mazars.

One of the joint administrators of Mazars, Tim Ball, says the company is continuing to trade while the sale process commences, and that none of the 36 staff have lost their positions.

The business has dealership agreements to supply products made by Doosan, Terex and Bobcat for Southern England. As well as supplying machinery, it also repairs and services the same kind of earth moving plant and equipment that it sells, as well as offering spare parts, and also has its own plant hire operation.

The most recent accounts for Promac, from 2015, show losses exceeding £900k on a turnover of £26.1m. It experienced a 9 per cent drop in sales during 2005, which Promac attributed to Doosan increasing its prices.
Long-term cashflow issues were cited by Mr Ball as a reason for the company’s present situation.

He said: “Unfortunately the company has struggled to overcome long-term cashflow problems caused by significant trading losses incurred in the past, which were then exacerbated by market uncertainties resulting from the Brexit vote in 2016.”

A turnaround plan was implemented, but it wasn’t going to improve things enough to bring the company out of its financial predicament quickly enough, he added.

Contact the administrators here
Subscribe to the Business Sale Report here


Share this article



Latest Businesses for Sale

Authentic Sardinian Restaurant
Stoke Newington, North London, London, South East, UK

Il Bacio Express, an authentic Sardinian restaurant which was established by our client in 2000. Our client is now looking forward to moving back to Sardinia. Il Bacio Express opened in 2000 as a pizza and pasta café. Since then the business has grow...

Asking Price: £345,000
Turnover: £464,228

LEASEHOLD


Nationwide Loss Adjuster
UK Wide

Specialises in providing complete, responsive loss adjusting services for property, motor, goods in transit and liability insurance claims. The shareholders are offering the business for sale due to their retirement plans. Offers invited.

Asking Price: Offers Invited
Turnover: £327,000

FREEHOLD


Gas Leakage Repair Solutions & Pipeline Corrosion Protection
UK Wide

Gas leakage repair solutions and pipeline corrosion protection to the utilities industry. Strong second-tier management team in place able to run the day-to-day operations of the business. Offers invited.

Asking Price: Offers Invited
Turnover: £2,800,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Jan
 

Jewellery retailer enters administration | ADMINISTRATION

A Nottingham-based jewellery and watches company has fallen ...

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
14
 
Aug
 

Egg supplier enters administration | ADMINISTRATION

Egg producer Blackdown Hills Enterprises Limited has been pl...

 
17
 
May
 

London exteriors firm up for sale after administration | ADMINISTRATION

Both the business and assets belonging to a London-based con...

 
26
 
Apr
 

Chester-based bike seller up for sale | ADMINISTRATION

A firm based near Chester that sells bicycles and cycling ac...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources