Fri, 11 Jan 2013 | BUSINESS SALE
Offshore services group Cosalt is in talks to sell its two key operating businesses in a bid to reduce its heavy debt burden.
Heavy debt, alleged fraud, pension liabilities and insufficient working capital have all dragged down the group recently, forcing it to reassess matters.
The Grimsby-based firm has held talks with third parties about the workwear and offshore businesses it operates. It is also in discussions with its lenders and pension trustees to assess the best way forward.
A statement from Cosalt read: “There can be no certainty that any agreement will be reached, either with creditors regarding a solution to the group's financial position or with potential acquirers of the operating businesses.
“The directors remain focused on reaching a solution which will ensure the long-term future of both operating businesses; safeguarding jobs and ensuring continuity of service to customers and suppliers. The directors also acknowledge the important role of these two businesses within their local communities.”
Cosalt added that the level of the company's “indebtedness and pension scheme liabilities” makes it unlikely that there will be any value attributed to shareholders.
The company provides a variety of assessments and support packages to parents; these include formal observations, self management work, life skill lessons and access to external specialist services.
Established for over 20 years with a turnover of £3.7m, this company boasts a loyal client base and experienced team, making it an excellent opportunity for integration or market entry.
Established hotel with sustainable practices and renewable energy focus, located on a circa 1.5 acre site in the local region.
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