Lawyers advise on RTS deal
LAWYERS from Leeds have advised on a deal which will see RTS Life Sciences sold to Entologi.
Robotic Technology Systems, a maker of robotic equipment used on factory lines, is breaking up its trading businesses and become a cash shell.
It is selling RTS Life Science Ltd – a division which has been put together to incorporate the trade and assets of both RTS Flexible Systems Limited and RTS Thurnall (Holdings) Plc as well as its North American company, RTS Life Science LLC to Entologi, a private firm set up earlier this year.
Cobbetts’ Leeds-based corporate team, led by partner David Armitage, assisted by Nia Bryan, Stephen Roberts, Sefton Collett and a number of other specialist lawyers advised RTS on the disposal.
David Armitage, corporate partner at Cobbetts in Leeds, said: “We are delighted to have been able to assist in unlocking engineering investment opportunities, not just for RTS and its shareholders but also for Entologi.”
RTS chief executive Gary Walsh is set to become a director of Entologi if the deal is approved. Finance director Jon Sharrock has also announced his intention to leave, but has announced his intention to stay on a part-time basis to help with the firm’s transition until the end of the year.
The firm has been on the stockmarket since 2002 and moved to Aim in 2005 but since demerging a nuclear services division in May 2006 it has experienced “declining revenues and uneven trading results”.
Net assets have dwindled from £14.6m at the end of 2006 to just £2.7m by June 30 this year as losses have racked up. In the six months to June 30 the business declared an operating loss of £380,000, on turnover of £4.9m.
