120 jobs saved
Lorry firm MV Commercial buys Fruehauf
Tom O’Rourke: significant day
MV Commercial, the Airdrie-based lorry and van dealer, has made the largest acquisition in its 20-year history, buying Lincolnshire tipping-trailer and truck-body manufacturer Fruehauf out of administration.
Terms of the deal were not disclosed though it involves a commitment to inject £30 million over three years and saves 120 jobs.
MV Commercial said the investment is “part of ambitious plans to modernise the manufacturing facility and realise the full potential of the 67-acre site in Grantham.”
Tom O’Rourke, chief executive of MV Commercial, said: “This is a hugely significant day for both businesses, and quite simply an opportunity we couldn’t turn down. Fruehauf has a fantastic product range, a rich heritage, and a wealth of talent which will be complemented by our own strength and experience in the marketplace.”
Steven Cairns, managing director, added: “We are so excited for the potential this acquisition brings and committed to investing in a bright future for Fruehauf.
“It also further strengthens MV Commercial’s end-to-end solution for rental and sales, giving us a fantastic new super-site in a strategically key part of the country.
“We should have 80 to 90 trucks and trailers available for sale in Grantham within a month, and the manufacturing workforce back in the factory building at pace again.”
MV Commercial said it plans to open a truck sales and rental facility on site in Grantham within the next month, alongside the manufacturing operation. Work to refurbish the site would “begin within days”.
The Airdrie company said it also hopes to “revive the legendary ‘Crane Fruehauf’ name”, by which the business was known until around 1998.
MV Commercial currently employs 190 staff spread across five sites – its largest in Airdrie – having previously made several other acquisitions as well as achieving organic growth.