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
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