Up to 100 jobs are a risk at a Grantham manufacturer of trailers.

The threat comes as Fruehauf Ltd, the UK's leading manufacturer of trailers, has gone into administration.

The move follows a High Court application on August 5 2021 from Carl Jackson and Tauseef Rashid of business advisory firm Quantuma, together with Brian Johnson of chartered accountants UHY Hacker Young, who were appointed as joint administrators.

Founded in 2010, Fruehauf is renowned for its production of a range of tipper and rigid trailers, quality control systems and techniques. It operates a 64 acre site at Invicta Works, Houghton Road, Grantham, employing 100 staff.

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.

National media has reported the company's most recent financial figures ending in September 2019 as revealing losses of £439,661on a £23.1 million turnover.

Then, the company reported £1.3 million in fixed assets and £8.2 million in current assets. After liabilities, the firm's net assets was a reported £1.9 million.

Carl Jackson, chief executive at Quantuma and joint administrator said: "I can confirm we were appointed as joint administrators to Fruehauf Ltd 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."