Cosalt borrowing £1m

EMBATTLED offshore services group Cosalt said chairman David Ross is lending it up to another £1m of short-term funding while it tries to sort out its finances.

The Grimsby-based company said the loan from Oval, a company owned by the Carphone Warehouse co-founder, is repayable by April 30. The loan is on top of £7m of existing loans and £4.6m of bank guarantees already provided by Mr Ross.

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Cosalt said it “continues to work on securing a long-term financing solution with its banks and the group’s pension trustees”.

Shareholders in the company recently rejected Mr Ross’s bid to de-list Cosalt.