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
Established in 1994, these three handsomely presented and fully-equipped unisex hair salons are located in a prominent trading location.
Established vehicle display is located in a Berkshire prominent main toad. The business boats an excellent reputation and customer base.
LEASEHOLD
Established 2019, this logistics company can be managed from anywhere. The business comes with reliable executives already in place.
19
|
Apr
|
Building services consultancy moves to employee ownership | MBO/MBI
A building services consultancy in the North East has moved ...
19
|
Apr
|
US firm acquires Somerset employee management provider | BUSINESS SALE
An employee management services firm based in Somerset has b...
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
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.