A machinery supplier based in Berkshire by the name of Promac solutions have called in administrators to seek out a buyer for the £25m-turnover, 36 people strong business.
Promac solutions are a machinery supplier business which supplies new and used plant and machinery for earth moving, construction, demolition and recycling and agriculture. The business also repairs and services the equipment it sells, sells spare parts, and has a plant hire business of its own. The company also has dealership agreements for the supply of products manufactured by major companies such as Doosan, Bobcat and Terex.
The company has struggled to overcome long term cash flow problems caused by significant trading losses incurred in the past, which were then exacerbated by the market uncertainties resulting from the brexit vote in 2016
Although the company had followed a turnaround plan with some success, the directors felt that they could not achieve significantly improved results quickly enough to counter the existing debts.
Joint administrator Tim ball, from the accountancy firm Mazars, said Promac continues to trade while being marketing for sale and that none of the executive staff and team members have been made redundant.