British Fuels up for sale
Tuesday 25 April 1995
British Coal is selling British Fuels, its last big trading activity and the UK's largest fuel distribution company. British Fuels, which has a turnover of £500m and 2,000 employees, may be sold in three packages with completion due by the autumn.
The Harrogate-based British Fuels has three separate activities - solid fuel distribution, oil and gas distribution and Cawoods, a fuels company in Northern Ireland.
A bid for the entire company is expected from a management team led by David Port, managing director. Cawoods management is likely to launch a separate buyout bid for the Northern Ireland operations. Other potential bidders are independent mining companies including RJB Mining and Coal Investments and rival distributor Anglo United. Ray Proctor, British Coal director of finance and privatisation, said there had been a "substantial" number of expressions of interest.
Within the old British Coal empire, British Fuels is second only to the English coalfields in terms of turnover.
It makes a profit of about £10m and one industry source said profit margins were likely to be squeezed in the newly-privatised coal industry.
British Fuels is at the tail-end of a disposal queue that marks the end of an era in the UK. British Coal has raised more than £100m so far from the sale of non-mining assets and is poised to sell the smokeless fuel arm, Coal Products, to management for about £70m.
CINMan, the British Coal pension fund with some £16bn under management, was advertised for sale this month with applications due by 12 May.
- 1 Bill Clinton portrait features Monica Lewinsky reference, artist admits
- 2 What happens to your body when you give up sugar?
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 Average penis size revealed: Scientists attempt to find what is 'normal' to reassure concerned men
Bill Clinton portrait features Monica Lewinsky reference, artist admits
Japanese island overrun with cats after population explodes
China's 'Inconvenient Truth': video exposing country’s smog crisis watched 100 million times
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
This is what it's like to be dead, according to a guy who died for a bit
Ukip would cut billions from Scottish budget to fund English tax cuts
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...