Administrators for southern plant dealer Promac Solutions are seeking a buyer f0r the business to protect 36 jobs.
Insolvency specialist Mazars was appointed administrator of the £26m turnover business last Friday.
The Berkshire firm has dealership agreements to supply equipment made by Doosan, Terex and Bobcat.
As well as supplying machinery, it also repairs and services earth moving plant, as well as offering spare parts, and also has its own plant hire operation.
Time Ball, joint administrators of Mazars, said that Promac would continue to trade while the sale process commences, and that none of the 36 staff have lost their positions.
The most recent accounts for Promac, from 2015, show losses exceeding £900k.
The firm experienced a 9% drop in sales during 2005, which Promac attributed to Doosan increasing its prices.
Ball 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.
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from Construction Enquirer http://www.constructionenquirer.com/2017/07/06/failed-plant-dealer-promac-up-for-sale/
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