Cosalt PLC Appointment of Administrator (1254Y)
February 18 2013 - 8:23AM
UK Regulatory
TIDMCSLT
RNS Number : 1254Y
Cosalt PLC
18 February 2013
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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