Exington ‘could pay’ £6.7m in total for Trumeter

THE new owners of Trumeter could pay a total of £6.7m for the business over the next three years if it performs well.

The Bury-based designer, manufacturer and distributor of measurement devices and automotive lighting systems went into administration in January.

It was subsequently bought out of insolvency on January 29 by Exington, which is a subsidiary of Warrington-based Energize Capital – a business set up by former Ford Campbell partner Jeremy Carr.

Exington subsequently installed John Smith as chief executive at the company in Radcliffe where 24 people are employed.

Trumeter, which was founded in the 1930s, manufactures its products at its own factory in Malaysia where a further 150 staff are based.

An administrator’s progress report filed by the Bury-based office of Leonard Curtis has revealed that Exington immediately paid £100,000 for Trumeter’s equipment, stock and ‘goodwill’.

The report adds that an ‘additional amount’ relating to goodwill will now be payable according to the firm’s financial performance.

It will pay quarterly instalments of ‘up to’ £550,000 for three years from the date of its sale.

Former Manchester Chamber president Peter Wiedenbaum, whose father-in-law established Trumeter in the 1930s, has remained at the company as executive chairman since the takeover.

Trumeter, which has turnover of £8m and sells to customers in more than 50 countries, is now looking to take several new products to market.