Cosalt

Cosalt plc was a diversified British company headquartered in Grimsby, Lincolnshire. Its origins lay in the fishing industry of the nineteenth-century port: established in 1873 as a cooperative of fishing-vessel owners, it was created to provide members with shared access to essential supplies and services at competitive prices. The original business supplied salt for preserving fish, coal for vessels and galleys, tanning services and materials for waterproofing sails and rope, and clothing. Its original name, The Great Grimsby Coal, Salt and Tanning Company, was later shortened into the portmanteau Cosalt. The cooperative model expanded beyond Grimsby into other British fishing and marine ports. The company was subsequently acquired by John Carl Ross, a businessman associated with the Ross Group and the son of one of the original founders. Under the Ross family, Cosalt evolved from a narrowly focused fishing-support organization into a broader marine and industrial-services business. It floated on the stock market in 1971 and became a constituent of the FTSE Fledgling Index. Later family involvement included David Ross, co-founder of Carphone Warehouse, who served as chairman during the company's later period. Cosalt's principal operating activities eventually included marine and industrial safety, offshore-related services, workwear and corporatewear, and leisure products. Its marine activities supplied equipment and services to fleets, fishing vessels, and other vessels. The company also became a substantial participant in Britain's caravan sector, reflecting its connection with Grimsby and the wider coastal economy. It created the Piper caravan brand and acquired brands associated with Caravans International after that business failed, including ACE, Abbey, Bessacarr, and Sprite. It later acquired the independent Cotswold brand. During the 1990s, Cosalt concentrated increasingly on static caravans and sold several touring-caravan brands to Swift Leisure. The leisure division was later prepared for disposal. In the mid-2000s it was sold to Endless Fund, a Leeds-based turnaround investor, but the business entered administration roughly a year later. The collapse resulted in the loss of approximately 240 jobs and the closure of one factory. A management team subsequently acquired part of the operation and renamed it Cosalt Custom Homes, preserving around 20 jobs as an independent business. Cosalt's corporate structure contracted substantially in the early 2010s. Cosalt Marine was sold to Survitec in August 2011. A subsequent attempt by chairman David Ross to acquire and delist the company was unsuccessful. The company's shares were suspended after it failed to publish its annual results and report for the year ended 31 December 2011 by the required April 2012 deadline. Cosalt entered administration on 15 February 2013. At that point, reported liabilities included secured bank debt of £11.4 million and a pension deficit of almost £52 million. Cosalt Wind Energy ceased trading and was liquidated, Cosalt Offshore was sold as a going concern to ATR, backed by NBGI Private Equity, and Cosalt Workwear was sold as a going concern to David Ross. The historic Cosalt group therefore ceased to operate as an independent diversified public company, while selected activities and successor businesses continued under new ownership.

Cosalt began in 1873 in Grimsby as The Great Grimsby Coal, Salt and Tanning Company, a cooperative created by fishing-vessel owners. Its purpose was to reduce the cost and improve the availability of supplies required by fishing fleets. Salt was used to preserve fish, coal powered vessels and onboard galleys, tanning materials helped waterproof sails and rope, and the company also supplied clothing. This cooperative approach later spread around other British fishing and marine ports. The company changed substantially after it was acquired by John Carl Ross, the son of one of its original founders and a businessman associated with the Ross Group. Under the Ross family, the organization moved beyond its original role as a shared supplier for fishing owners. It developed into a broader marine and industrial-safety business, supplying equipment and services to fleets, fishing vessels, and other maritime customers. The shortened name Cosalt became the identity for this expanded group. Cosalt floated in 1971 and was later included in the FTSE Fledgling Index. David Ross, co-founder of Carphone Warehouse and a later-generation member of the Ross family, became chairman. Diversification brought Cosalt into workwear, corporatewear, offshore services, wind energy, and leisure. Its leisure operations made the company an important participant in the United Kingdom caravan market. Cosalt created Piper and acquired several caravan brands connected with Caravans International after that business failed, including ACE, Abbey, Bessacarr, and Sprite. Cotswold was also acquired. During the 1990s, the group emphasized static caravans and sold a number of touring-caravan brands to Swift Leisure. The caravan and leisure activities were later placed for sale. Endless Fund, a Leeds-based turnaround specialist, acquired the leisure division in the mid-2000s, but the division entered administration approximately twelve months later. Around 240 jobs were lost and one factory closed. A management team bought part of the business and renamed it Cosalt Custom Homes, retaining about 20 jobs and continuing independently from the former group. The remaining Cosalt group underwent further disposals. Cosalt Marine was sold to Survitec in August 2011. David Ross then made an unsuccessful attempt to acquire and delist the company. Financial and reporting difficulties intensified when Cosalt failed to issue its annual results and report for the year ended 31 December 2011 by April 2012; trading in its shares was suspended. On 15 February 2013 the company entered administration. Cosalt Wind Energy stopped trading and was liquidated, Cosalt Offshore was sold as a going concern to ATR with backing from NBGI Private Equity, and Cosalt Workwear was sold as a going concern to David Ross. These transactions ended Cosalt's life as an independent diversified listed group.

• 2013

  Administration and disposal of operating divisions

  [1]Cosalten.wikipedia.org

  Cosalt entered administration on 15 February. Wind Energy was liquidated, Offshore was sold to ATR, and Workwear was sold to David Ross.

• 2012

  Share trading suspended

  [1]Cosalten.wikipedia.org

  Trading was suspended after Cosalt failed to publish its annual results and report for the year ended 31 December 2011 by the applicable deadline.

• 2011

  Cosalt Marine sold to Survitec

  [1]Cosalten.wikipedia.org

  The marine division was sold to Survitec in August as the group reduced and reorganized its activities.

• 1971

  Cosalt floated on the stock market

  [1]Cosalten.wikipedia.org

  The company became publicly listed and was later a constituent of the FTSE Fledgling Index.

• 1873

  Cooperative established in Grimsby

  [1]Cosalten.wikipedia.org

  The Great Grimsby Coal, Salt and Tanning Company was formed by fishing-vessel owners to provide shared supplies and services.

A practical, service-oriented supplier serving marine, fishing, industrial-safety, workwear, offshore, and caravan markets, with a business model that evolved from cooperative support for British fishing fleets into a diversified public company.

• Marine and industrial services

  Marine safety and industrial safety

  Cosalt's historic core evolved into marine and industrial safety operations serving fishing fleets, commercial vessels, offshore customers, and other industrial users. The business grew from supplying basic fleet necessities into a broader safety and support-services platform.

• Apparel and occupational clothing

  Workwear and corporatewear

  Workwear and corporatewear became one of Cosalt's diversified business areas, extending its original provision of clothing for maritime workers into occupational and branded workplace apparel. The Cosalt Workwear operation was sold as a going concern during the 2013 administration.

• Caravans and leisure accommodation

  Piper

  Piper was a caravan brand created by Cosalt as part of its expansion into the United Kingdom leisure and holiday-home market. Cosalt later concentrated more heavily on static caravans and reduced its touring-caravan portfolio.

• Caravan brands

  ACE, Abbey, Bessacarr, Sprite, and Cotswold

  Cosalt acquired several established caravan brands connected with Caravans International after that business failed, and later acquired the independent Cotswold brand. A number of touring-caravan brands were subsequently sold to Swift Leisure as Cosalt focused on static caravans.

• Leisure and manufactured homes

  Cosalt Custom Homes

  After the Cosalt leisure division entered administration following its sale to Endless Fund, a management team acquired part of the operation and renamed it Cosalt Custom Homes. The successor preserved approximately 20 jobs and operated independently from the former Cosalt group.

• 2013

  Administration and asset salesOther

  Background

  Cosalt entered administration after share trading had been suspended and the company faced substantial secured debt and pension liabilities.

  Action taken

  Wind Energy was liquidated, Offshore was sold as a going concern to ATR with NBGI Private Equity backing, and Workwear was sold as a going concern to David Ross.

  Aftermath

  The disposals ended Cosalt's operation as an independent diversified public company.

  Secured bank debt. £11.4 million (At administration in February 2013)

  Source

• 2011

  Sale of Cosalt MarineM&A

  Background

  Cosalt was reducing and reshaping its diversified portfolio during a period of financial and strategic pressure.

  Action taken

  Cosalt Marine was sold to Survitec in August 2011.

  Aftermath

  The disposal removed a central marine operation from the group before its later administration.

  Source

• 1990

  Shift toward static caravansStrategy

  Background

  During the 1990s, Cosalt reassessed its caravan portfolio and moved toward the static-caravan segment rather than maintaining a broad touring-caravan presence.

  Action taken

  The company sold many touring-caravan brands to Swift Leisure and concentrated more of its leisure activity on static caravans.

  Aftermath

  The change narrowed Cosalt's caravan exposure, although the later leisure division was ultimately sold and entered administration.

  Source

1. 1Cosalten.wikipedia.org