Northbridge to offload loss-making division
Northbridge, the Burton industrial services and rental company, is set to sell off its Tasman Oil Tool Division.
The moves comes as the firm reported that the drilling tool rental industry has not yet recovered to pre-pandemic levels and that revenue in the division for the first half of the year was 25% lower at £3.8 than in 2020.
Across its entire business, Northbridge reported a revenue lift of 22% to £19.6m, with hire revenue up by 28% and sales and service revenue up by 14%.
Meanwhile, planning consent has been received for the expansion of the firm’s factory at Burton on Trent and the construction contracts have been placed. Construction is expected to start shortly and the new facility is expected to commence production in H1 2022.
