Cosalt confirms marine talks

OFFSHORE safety equipment specialist Cosalt has confirmed it has been approached with a potential offer for its marine business.

The company is believed to be in discussions with survival technology group Survitec over a deal worth between £25 and £35m.

Responding to speculation about the discussions, the Cosalt board has confirmed it has received an approach from an unnamed firm.

In a statement, the company said: “These discussions are not sufficiently advanced for there to be any certainty that a transaction would be concluded or as to the price and other terms upon which it would be concluded.”

Grimsby based Cosalt recently announced it had uncovered a £4m shortfall in stock and work in progress at its Aberdeen office and instructed KPMG to investigate further.

The company has said the issue will not affect service to customers and would not have an impact on the firm’s borrowings.