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Fruehauf is back in profit
CM COVER STORY TRAILER MANUFACTURER Fruehauf made a trading profit of £428,110 between 11 March and 10 September this year, after its purchase out of administration in May.
Fruehauf. which manufactures tipper trailers in Grantham. Lines, also achieved sales of £515,033 during the same period, according to
the latest administrators. report.
Wordsworth Holdings, parent company to Fruehauf, entered administration on 11 March. On 7 May, Fruehauf, alongside four other businesses previously under the Wordsworth umbrella, were subsequently purchased by Bowden Investment Group, led by Saul Loggenberg, for £525,000. Bowden is the backer behind I nvictas Group, the current parent company of Fruehauf. where Loggenberg is a director.
Due to the conditions of the sale, lnvictas has to pay Deloitte the higher of 1% of turnover or 10% of net profit for the next three years. David Snodin, director at Invictas, says the market had "responded superbly" since the manufacturer was bought out of administration.
"We recognised there were areas for improvement, and we have eradicated the paintwork problem and redesigned our sheeting system," he adds.