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No MBO for CF
Page 9
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A BID TO SAVE UK trailer maker Crane Fruehauf with a management buy-out has been derailed following the administrators' decision to sell the company's tipping trailer business separately.
The buyer is Tipper TI-ailer UK, part of Wordsworth Holdings, which has bought the division for a reported fee of £1.5m. Tipper production will move from CF's Rash's Green site to Tipper UK's plant in Grantham. Now the administrator must decide what to do with the remaining assembly plant and equipment as well as the large site at Dereham.
Since administrators were called into Crane Fruehauf last month (CM3February) its parts operation has been subject to a management buy-out led by Phillip Heathcote.
Administrator Stephen Oldfield says considerable efforts were made to sell the whole business: "Unfortunately, despite considerable last-minute efforts, these offers were insufficient.., the sale of assets was the best option for creditors."
The transfer of CF's tipper operation to Wordsworth is likely to see the continuation of CF's trademark 'bath-tub' alloy tipping body design. Duncan Wordsworth of Tipper Trailers UK says: "We will establish a new company in order to take advantage of Fruehauf's well respected tipper trailer technology."