Cosalt set for administration

ADMINISTRATORS are set to be appointed at Cosalt after the marine safety business today admitted it had failed in its attempts to safeguard the future of the company.

The Grimsby-based business admitted last week that it was likely to go into administration by the end of February unless it could reach an agreement with its banks over its debts of £17m.

However, Cosalt has today told the Stock Market that it has been unable to identify any alternative sources of funding, reach agreement with its lenders or pension trust... For the full story register now for free or login below...