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 quality artificial grass for the commercial, residential, education, entertainment and sports sectors. Operates to a high standard following a bespoke process created in-house, providing a first class service and ensuring all pro...
Offers comprehensive suited fire safety solutions including fire door inspections, passive fire surveys, fire extinguisher service and installation, fire risk assessments as well as on-site fire warden and basic fire awareness training. Additional tr...
The company provides a comprehensive range of plumbing, heating, electrical and security services, including installations, maintenance, replacement, and repairs. Additionally, it supplies renewable energy services, such as heat pumps, biomass, solar...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.