280 caravan jobs under threat

Source: Exec Digital UK

Date :28/10/2008 10:17:55

Struggling manufacturer Cosalt Holiday Homes has been bought by Endless Investments, but 289 jobs will be lost.

The caravan and holiday home manufacturer was sold yesterday, 27 October, to Leeds-based equity fund Endless Investments. The business had been running at losses of £750,000 per month as the lack of consumer confidence and lack of available credit hit the business hard.

Cosalt Holiday Homes was itself a sold off by Cosalt plc earlier this year so that the parent company could focus on its more lucrative marine safety business. Endless Investments will be funding a refocused effort on the holiday home builder’s higher-value caravans and its lodges, however the lower and mid-range caravan business is no longer considered viable.

“We recognise the proposal to close the Stoneferry site represents a difficult and regrettable outcome,” said Investment director Matthew Deering. “However, we want to give the lodges business the best chance of survival in very difficult market conditions." 40 jobs will kept in other parts of the Hull-based business.