Snorkel finds potential buyer

Tanfield Group has found a potential buyer for Snorkel, its aerial work platform division.

In a statement released today the company said enough progress had been made to grant the preferred potential buyer, which has not yet been named, a period of exclusivity, allowing it complete the necessary procedures ahead of drawing up a contract.

The statement said, “The Board is pleased to report that sufficient progress has been made on the structure and broad terms of an acceptable proposal for the sale of its powered access division, to grant the preferred potential purchaser a short period of exclusivity in which to complete its due diligence with a view to mutually form a contract that will be executable subject only to shareholder approval.”

The announcement follows a statement In July by Tanfield, in which it said there were a number of potential buyers taking part in the negotiation of a sale and purchase agreement.

The company first made public its intentions to sell Snorkel in February this year, when it said it had been approached by a number of interested parties, (see Linked Articles below).