View source for Cosalt

{{short description|British marine safety and leisure company}}
{{Use dmy dates|date=May 2021}}
{{Use British English|date=September 2012}}
{{Infobox company
| name = Cosalt plc
| image = Cosalt buildings.jpg
| logo =
| type = [[Public company|Public]]
| traded_as = {{lse|CSLT}}
| foundation = 1873
| location = [[Grimsby]], [[Lincolnshire]], [[United Kingdom|UK]]
| key_people = [[David Ross (businessman)|David P J Ross]], [[Chair (official)|Chairman]] <br> Trevor Sands, [[CEO]]<br> Paul Below, [[CFO]]
| industry = [[marine (ocean)|Marine]] services
| products =
| revenue = [[Pound sterling|£]]111.98 million (2010)
| operating_income = [[Pound sterling|£]](793,000)(2010)
| net_income = [[Pound sterling|£]](3.144 million)(2010)
| num_employees =
| parent =
| subsid =
| homepage = [https://web.archive.org/web/20081202160309/http://www.cosalt.plc.uk/ Cosalt plc]
| footnotes =
}}
'''Cosalt [[public limited company|plc]]''' was a diversified [[marine (ocean)|marine]] safety and leisure company, based in [[Grimsby]], [[Lincolnshire]]. It was a constituent of the [[FTSE Fledgling Index]].
The name ''Cosalt'' was a [[portmanteau]] of the company's original title '''The Great Grimsby ''Coal, Salt'' and Tanning Company.''' Formed in 1873 as a co-operative of fishing vessel owners, it was a communal best-value support services company involved in servicing and supplying a variety of products and services for fleets, fishing, and other vessels, providing:
*[[Salt]] - to preserve the food and fish caught
*[[Tanning (leather)|Tanning]] - to waterproof [[sail]]s and [[rope]]
*[[Coal]] - to fire the vessels and [[galley]]s
*[[Clothing]]
The communal model grew around a number of other fishing and later UK marine ports, before the company was bought out by the son of one of the original founders, businessman [[Carl Ross|(John) Carl Ross]] of the [[Ross Group]]. The company floated in 1971, and was chaired by his son; and then grandson [[David Ross (businessman)|David Ross]], co-founder of the [[Carphone Warehouse]]. The original businesses has now developed into marine and industrial safety centre, and diversified into other markets, including: Workwear and Corporatewear.
==Leisure==
Through its association with Grimsby, Cosalt was a major player in the [[United Kingdom|UK]] [[travel trailer|caravan]] market. It created the Piper brand, and after the failure of [[Sam Alper]]'s [[Caravans International]] bought its brands, including: ACE, Abbey, Bessacarr, Sprite; and later the independent Cotswold brand. However, in the 1990s they began concentrating on static caravans, and sold off many of the touring caravan brand to the rival [[Swift Leisure]].<ref>{{cite web|url=http://www.caravantalk.org.uk/index.php?showtopic=12302|title=Swift Caravans|publisher=caravantalk.org.uk|date=2006-12-08|accessdate=2008-12-13}}{{Dead link|date=November 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In the mid-2000s and looking to sell the Leisure business, the division was eventually sold to Leeds-based turnaround specialists Endless Fund, but collapsed into administration 12months later. After losing 240 jobs and one factory, it was bought by a management team and renamed '''Cosalt Custom Homes,'''<ref>{{cite web|url=http://www.cosalt-custom-homes.co.uk/|title=Cosalt Custom Homes|publisher=Cosalt Custom Homes|accessdate=17 August 2010|url-status=dead|archiveurl=https://web.archive.org/web/20100903213631/http://www.cosalt-custom-homes.co.uk/|archivedate=3 September 2010}}</ref> preserving 20jobs.<ref>{{cite news|url=http://www.yorkshirepost.co.uk/businessnews/Management-buyout-brings-hope-for.5473571.jp|title=Management buy-out brings hope for future of Cosalt Holiday Homes|author=Ros Snowdon|newspaper=The Yorkshire Post|date=19 July 2009|accessdate=17 August 2010}}</ref>
== Collapse ==
Cosalt had a turbulent later history.<ref>Hardman & Co, Broker report https://web.archive.org/web/20111004043129/http://www.hardmanandco.com/Research/Cosalt_August2011.pdf</ref> Cosalt Marine was sold to Survitec in August 2011.<ref>[https://web.archive.org/web/20110803194845/http://www.cosalt.com/_assets/pdfs/investors/circular%20-%20final.020611.pdf Proposed Disposal of Marine]</ref> This was followed shortly afterwards by an unsuccessful bid by chairman David Ross to buy and delist the company. Trading in the company's shares was suspended when the deadline for producing its Annual Results and Report for year end 31 December 2011 passed in April 2012.<ref>Capita announces suspension of shares http://capita.moneyam.com/news/article/4359976/Cosalt-shares-suspended</ref>
Cosalt eventually went into administration on 15 February 2013, with a secured bank debt of £11.4M and pension deficit of almost £52M. Of the three operating divisions, Cosalt Wind Energy ceased trading and was liquidated, Cosalt Offshore was sold as a going concern to rival group ATR backed by NBGI Private Equity, and Cosalt Workwear sold as a going concern to Ross.<ref>Administrators Proposals http://www.pwc.co.uk/assets/pdf/cosalt_proposals.pdf</ref>
==References==
{{reflist}}
==External links==
*[https://web.archive.org/web/20081202160309/http://www.cosalt.plc.uk/ Cosalt plc, the listed company]
*[https://archive.today/20130119163649/http://www.cosalt.com/ Cosalt.com - main operating division, marine safety]
*[https://web.archive.org/web/20100903213631/http://www.cosalt-custom-homes.co.uk/ Cosalt Custom Homes] former holiday home division, now independent
{{Authority control}}
[[Category:Companies based in Grimsby]]
[[Category:Companies established in 1873]]
[[Category:Service companies of the United Kingdom]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Caravan and travel trailer manufacturers]]