Fodens still fighting
Page 6
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FODENS last week invited its bankers and trustees to appoint joint receivers and managers, Sir Kenneth Cork and Mr Phillip Livesey of Cork Gully, with a view to selling the business as a "going concern".
The joint receivers and managers are now undertaking discussions with both British and overseas companies, with this object in mind. Fodens and the joint receivers and managers have been encouraged at the declarations of ongoing support from both suppliers and customers alike.
In the week following the changes at Fodens, the company has received confirmed orders for nearly EL 5m worth .of business. This comprises the company's largest order so far for its new VT 504-powered lightweight six-wheeler from the Tarmac Group which has ordered 20 units.
In addition, a major order for dump trucks has been confirmed by the Costain Group while the company has also secured an export order for 11 Superhaulmaster chassis from Portugal. The company's strong market performance in the UK rigid market was again in evidence from the Society of Motor Manufacturers and Traders figures covering month ending June and the first ten days of July. In both periods Fodens were the premier suppliers of eight-wheel rigids.
During the period January to June, 1980 Foden registrations totalled 722 — 205 six wheelers, 322 eight wheelers and 195 artics.
Production of Fodens vehicles in the first six months of 1980 totalled 901 compared to 830 in the first six months of 1979.
As CM went to press Fodens' receivers were not available for comment, but it is understood that an offer, being prepared by the Richardson Group of Oldbury, Birmingham, will not be successful.
The receivers apparently do not share Richardson's view that El Om would be enough to buy Fodens' assets which are thought to total about £40m and the company's stock was valued at just under £5m when trading in its shares was suspended early last week.