DAVID Ross has bought out the workwear division of administration-hit Cosalt Plc, the company he chairs.
Ballyclare Ltd, producer of garments for emergency services and the rail industry, has been purchased by the town entrepreneur for an undisclosed sum.
Based in Stockport and Barnsley, with distribution depots down south, it follows the sale of Cosalt Offshore in Aberdeen when the administrators were first appointed.
The move has disgruntled minor shareholders who resisted Mr Ross’s attempt to privatise the whole company just over a year ago, and will receive nothing from the sale, but the Telegraph understands that the level of debt, the pension deficit within the enlarged business and the lack of funding opportunities going forward forced the third generation chair’s hand.
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