25th Nov 2013 10:39
LONDON (Alliance News) - Tanfield Group PLC Monday said that it has called in administrators for its engineering business unit, after failing to attract buyers for the loss making business.
The company, which has recently converted itself into an investing company engaged in specialist engineering activities, said that its administrators are optimistic that they will be able to find a buyer and preserve as many jobs as possible.
In the year ended 31 December 2012, its engineering business reported losses of approximately GBP732,000.
Tanfield also said that the integration of its Snorkel business into the joint venture company is progressing well.
The Company holds a 49% stake in Snorkel International Holdings, and manufactures the Snorkel range of electric and diesel-powered aerial lifts.
Tanfield also holds a 24% interest in Smith Electric Vehicles Corporation, which it is currently raising funds to launch an initial public offering in the future.
Tanfield shares were trading at 18.25 pence per share Monday morning, up 1.4%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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