Marine firm Cosalt offloads school uniform business
Published Date:
14 May 2008
Grimsby-based Cosalt has offloaded its school uniform subsidiary Banner as it moves to focus on its core marine safety services business.
At the same time, the group has bought Safety At Height Services, a service business for the offshore oil and gas industry, based in Aberdeen.
Banner, which specialised in children's clothes, has been sold to IDP (Holdings) Limited for £4.5m.
Seaham-based Banner made an operating profit of £1.25m last year, but Cosalt says trading has "deteriorated considerably" since then.
Cosalt's chief executive Per Jonsson said: "The disposal of Banner is important in further focusing the Group's earnings and management on our rapidly developing core Safety business, in which we are fast becoming a major player.
"Safety at Height Services is a tactical addition, serving the increasingly regulatory-driven, off-shore oil and gas industry."
The full article contains 161 words and appears in n/a newspaper.
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Last Updated:
14 May 2008 9:58 AM
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Source:
n/a
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Location:
Yorkshire
