18 Feb 2013 14:23
Cosalt plc (in administration)
Announcement of appointment of Administrator, sale of assets and cancellation of listing
Further to the announcement on Friday 15 February 2013, Cosalt plc (in administration) ("Cosalt" or "Company"), announces that David James Kellyof PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley Street, Manchester M2 3PW and Andrew Ross of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds, LS1 4JP were appointed after hours on Friday 15 February 2013 as joint administrators to the Company.
Following their appointment, the joint administrators are pleased to announce the sale of the Company's 100% shareholding in GTC Holdings Limited and Cosalt Offshore Norway A/S (the "Offshore" business) to Dunwilco (1793) Limited (a company backed by NBGI Private Equity the majority shareholder of ATR Group) and they continue to trade normally under separate ownership. The sales process had been running for a few months prior to the appointment.
These companies specialised in the offshore services market in the UK and Norway providing services including repair, refurbishment and replacement of lifting equipment; manufacture of ropes and slings; tooling hire; sale and maintenance of lifeboats; rental and service of rigging lofts; and inspection services.
The Offshore business has 240 employees in the UK and 25 in Norway. These jobs are unaffected by today's announcement.
Negotiations are ongoing for the sale of the Company's 100% shareholding in Ballyclare Limited (the "Workwear" business) and in the meantime the business will continue to trade as normal. This company is a market leader in the supply and service of workwear to emergency services and industrial users. The Workwear business principally operates from Stockport, with an operation in Barnsley and two distribution centres located in the South East and has 58 employees.
The joint administrators, on behalf of the Company, have requested, and the UK Listing Authority has agreed to, a cancellation, with effect from 8.00am on 19 February 2013, of the Company's ordinary shares of 1p each from admission to the Official List of the UK Listing Authority.
ENDS
Enquiries:
www.pwc.co.uk/cosalt