Owner of tipper trailer manufacturer in administration

Wordsworth Holdings, the owner of Lincolnshire-based tipper trailer manufacturer Fruehauf, has entered administration after a period of uncertainty surrounding its financial situation.

Chris Farrington, Dominic Wong and David Langton of Deloitte have been appointed joint administrators and hope to save the business as a going concern. All 250 employees could face losing their jobs.

One unnamed supplier to Fruehauf seems sure that the administration signals debts of hundreds of thousands of pounds. "We have got a lot of money involved in this and it will not turn out alright," he said.

The company's failure has been blamed on the recession and uneasiness regarding the forthcoming election.

Before the recession began in 2007, the business was worth £75m and had a total of 650 staff. On entering administration, it is now only valued at an estimated £25m with a workforce of 250.

The owner Mr Wordsworth said: "We are bitterly disappointed that having survived for two years of the recession we appear to have failed at the final hurdle. It's impossible to make a cake without flour and you cannot run a business without orders."

Fruehauf had survived a winding-up petition from HM Revenue & Customs, issued on 30 July 2009. It was later dismissed on 14 October 2009 as a result of a hearing at the Royal Courts of Justice.

Share this article

Latest Businesses for Sale

View more businesses for sale