Carl Jackson and Tauseef Rashid of business advisory firm Quantuma, together with Brian Johnson of UHY Hacker Young, were appointed as joint administrators to Lincolnshire-based trailer manufacturer Fruehauf.
Fruehauf has a £21m turnover company producing a range of tipper and rigid trailers, quality control systems and techniques. It operates a 64 acre site in Grantham and employs 100 people.
It is unknown how many jobs could be affected, however no redundancies have been made at this stage, with employees being supported by the Government’s furlough scheme. No sites are expected to close as a result of the administration.
Quantuma and UHY Hacker Young are exploring options to save the company via a company voluntary arrangement, whilst also investigating a potential sale of the business.
Jackson said said: “I can confirm we were appointed as joint administrators to Fruehauf earlier this month. We are now exploring opportunities to secure the long-term future of the business and deliver the best possible outcome for all staff and stakeholders. Options being considered at this stage include a potential sale or further investment from external parties.”
Category: What is administration