Cosalt’s finance chief to step down from job

In a statement, Cosalt said Mr Reynolds would remain with the group until June 30, 2011 “to facilitate an orderly handover”.

On Tuesday, it was revealed that Grimsby based-Cosalt is selling its marine business to survival technology group Survitec for £31m.

Following the sale of the marine safety business, which services survival equipment such as life boats and survival suits, Cosalt will be focused mainly on its off-shore business.

Cosalt said the proceeds from the sale would be used to reduce group borrowings.