Wed, 17 Oct 2012 | BUSINESS SALE
A British motoring business is for sale, prompting speculation over who will acquire the well-established company.
Cosworth is synonymous with British car racing and was established in a small workshop in London back in 1958. However, its owners have now instructed UBS to find a buyer for the business, according to reports from the Times.
Initially, the company's owners Gerry Forsythe and Kevin Kalkhoven, the former IndyCar racing magnates who purchased the company from Ford eight years ago, had only tested the market with a flotation. But it appears they liked what they saw and are keen to pursue a deal.
Speaking to the Times, Cosworth's chief executive Tim Routis said: “We have been paused for the last 18 months and the board has decided that we can not wait any longer otherwise we risk losing momentum.”
There has been some heated speculation over who will acquire the business. At the moment Rolls Royce is the favourite, partly due to the fact that the prestigious engineering firm has been one of Cosworth's key clients in its recent move into the aerospace industry. However, it is still early days in the exploration of a sale and Rolls Royce's position is by no means assured.
The business operates in the UK with an international presence and specialises in providing comprehensive recruitment solutions to customers in the technical sector.
The company has traded for 16 years, based in the Northwest and operating nationally providing temporary staff to large corporate clients.
The company is well-established and operates from a third party owned quarry in Lincolnshire. The business quarries, manufactures and supplies a range of aggregate products, gabion stone and provides associated products and services throughout the Un...
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