Cosalt
| Type | Public (LSE: CSLT) |
|---|---|
| Industry | Marine services |
| Founded | 1873 |
| Headquarters | Grimsby, Lincolnshire, UK |
| Key people | David W Hobdey, Chairman Mark Lejman, CEO Mike T Reynolds, Finance Director |
| Revenue | £111.98 million (2010) |
| Operating income | £(793,000)(2010) |
| Net income | £(3.144 million)(2010) |
| Website | Cosalt plc |
Cosalt plc is a diversified marine safety and leisure company, based in Grimsby, Lincolnshire. It is a constituent of the FTSE Fledgling Index.
The name Cosalt was a portmanteau of the company's original title The Great Grimsby Coal, Salt and Tanning Company. Formed in 1873 as a co-operative of fishing vessel owners, it was a communal best-value support services company involved in servicing and supplying a variety of products and services for fleets, fishing, and other vessels, providing:
- Salt - to preserve the food and fish caught
- Tanning - to waterproof sails and rope
- Coal - to fire the vessels and galleys
- Clothing
The communal model grew around a number of other fishing and later UK marine ports, before the company was bought out by the son of one of the original founders, businessman (John) Carl Ross of the Ross Group. The company floated in 1971, and was chaired by his son; and then grandson David Ross, co-founder of the Carphone Warehouse. The original businesses has now developed into marine and industrial safety centre, and diversified into other markets, including: Workwear and Corporatewear.
Contents |
[edit] Leisure
Through its association with Grimsby, Cosalt was a major player in the UK caravan market. It created the Piper brand, and after the failure of Sam Alper's Caravans International bought its brands, including: ACE, Abbey, Bessacarr, Sprite; and later the independent Cotswold brand. However, in the 1990s they began concentrating on static caravans, and sold off many of the touring caravan brand to the rival Swift Leisure.[1] In the mid-2000s and looking to sell the Leisure business, the division was eventually sold to Leeds based turnaround specialists Endless Fund, but collapsed into administration 12months later. After losing 240 jobs and one factory, it was bought by a management team and renamed Cosalt Custom Homes,[2] preserving 20jobs.[3]
[edit] Proposed Delisting
On 9 February the company released a RNS declaring a EGM on 27 February at 9:00 am. At the general meeting the main item on the agenda is the proposed delisting of the company from the London stock exchange. If over 75% of the votes cast on the day agree with the chairmans motion then it will be passed and Cosalt will no longer be traded publicly.[4] The Chairman, David Ross has faced opposition to the plan from private shareholders who have so far rejected his revised offer of 0.2p per share.[5]
[edit] References
- ^ "Swift Caravans". caravantalk.org.uk. 2006-12-08. http://www.caravantalk.org.uk/index.php?showtopic=12302. Retrieved 2008-12-13.
- ^ "Cosalt Custom Homes". Cosalt Custom Homes. http://www.cosalt-custom-homes.co.uk/. Retrieved 17 August 2010.
- ^ Ros Snowdon (19 July 2009). "Management buy-out brings hope for future of Cosalt Holiday Homes". Yorkshire Post. http://www.yorkshirepost.co.uk/businessnews/Management-buyout-brings-hope-for.5473571.jp. Retrieved 17 August 2010.
- ^ "RNS Number : 1464X". Cosalt PLC. 9 February 2012. http://online.hemscottir.com/ir/cslt/ir.jsp?page=news-item&item=931851136932412. Retrieved 9 February 2012.
- ^ "Cosalt meeting date announced". This is Grimsby. 13 February 2012. http://www.thisisgrimsby.co.uk/Cosalt-meeting-date-announced/story-15214781-detail/story.html. Retrieved 13 February 2012.
[edit] External links
- Cosalt plc, the listed company
- Cosalt.com - main operating division, marine safety
- Cosalt Custom Homes former holiday home division, now independent
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