Motor Panels for sale
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• Truck cab manufacturer Motor Panels has gone into receivership, despite making a £2m profit last year.
The business went under fol lowing the collapse of parent company CH Industrial.
Receiver Philip Baldwin of Price Waterhouse describes Motor Panels as a "highly profitable, successful business". He has already been approached by potential buyers and is confident that the company will keep trading until a sale goes through, probably in a
couple of months.
The company employs 800 at sites in Coventry and Wigan; no redundancies have been made so far. The workforce is headed by managing director Merrick Taylor.
Motor Panels' turnover last year was around 235m and Baldwin says that it is on target for the same level of turnover and profit this year; the year-end results are due at the end of the month.
The company was part of Rubery Owen Holdings before being sold three years ago.
CH Industrial recently acquired Motor Panels Inc, a US cab manufacturer, which has not gone into receivership.
The UK firm is known for its innovative cab design and has won several awards. Current projects, which include work with Land Rover and Leyland Daf, will continue unaffected.