Partner Article

Hargreaves ends UK Coal talks

INDUSTRIAL giant Hargreaves Services has announced that it has no desire to continue its lengthy pursuit of a merger with UK Coal.

The group, based in Esh Winning, County Durham, said in March that it had entered early negotiations with UK Coal as it looked to grow its presence in the fuel sector.

However, this morning the company issued a statement to say it has decided not to pursue the deal.

“Hargreaves today announces that while recognising that UK Coal has many valuable assets, it does not intend to pursue such a merger,” the company said.

Hargreaves currently runs Maltby Colliery and Monckton Coke Works in South Yorkshire and also operates in logistics, waste and industrial services.

In the six months to the end of November its pre-tax profits jumped by 20.6% to £14.7m but revenue fell by 28.6% to £211.6m because of a big drop in commodity prices.

This was posted in Bdaily's Members' News section by Ruth Mitchell .