Ross takes Cosalt private

Cosalt, the safety group which has an offshore arm based in Aberdeen, yesterday agreed to be taken private by its chairman in a £400,000 cash deal, writes Perry Gourley.

David Ross, co-founder of Carphone Warehouse, said the 0.1p-a-share deal was the only option for the heavily indebted group which was originally established by his great grandfather.

Cosalt, which has net debt of about £14m, had previously said it was exploring several options for its future. Ross has provided a £300,000 personal guarantee to cover costs in a legal action against Scottish businessmen Calum and Stuart Melville who sold their family business to Cosalt.