Thu, 16 Nov 2023 | ADMINISTRATION
Minibus manufacturer Treka Bus is set to fall into insolvency. The West Yorkshire-based company reported a more than 50 per cent drop in turnover in its most recent annual accounts and has now applied to appoint administrators.
Treka Bus, which is based in Brighouse, is a trading division of WNV Tech, a vehicle technology business based in Bolton. Treka Bus operates from a 14,000 sq ft production facility on Brighouse’s Armytage Road Industrial Estate.
The company’s operations range from welding and fibreglass finishing to electrical engineering and it supplies vehicles for a wide array of customers across the private, public and charitable sectors.
Despite reporting turnover of just under £11.7 million in its accounts for the year ending December 31 2022, this was a significant fall from the nearly £23.8 million in turnover Treka Bus generated during 2021. Pre-tax profits, meanwhile, fell from £2.2 million in 2021 to £717,722 last year and post-tax profits stood at just under £601,000, compared to nearly £1.75 million a year earlier.
At the time, the company’s directors said that the fall in revenue was attributable to a site closure that resulted from a shortage of critical components – a common problem for many vehicle manufacturers worldwide over recent years.
Despite this, the company’s directors noted in the report that the company remained in a strong financial position and added that they expected normal trading conditions to return during 2023. However, in spite of this optimism, it now appears poised to fall into administration.
In its accounts for 2022, Treka Bus’ fixed assets were valued at £305,606, while current assets stood at £10.5 million. Its net assets at the time totalled £4.9 million.
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