Trumac Group seeks buyer

Refrigerated bodybuilder Trumac Group is trading through administration for the next month while a buyer for the business is sought. On 2 September, recovery and insolvency specialist Harrisons was called in by Trumac's management team. The business was under pressure from its bank after breaching its overdraft.

John Law, head of Harrisons' Bristol office, tells MT that the business had also been affected by rising material costs and a price-competitive market. He adds: "The business had been trading close to break-even. It was insolvent on a balance sheet basis." Around 30 staff have been made redundant, leaving around 60 to complete in-build orders. "Customers are being very supportive," says Law.

The management team, which led an MBO of the business in 2003, is still in place. There have already been some expressions of interest for the business, which produced a pre-tax profit of £54,339 on a turnover of £6.7m in the year to 31 March.