Tanfield Group considers approaches for cherry picker business

20th Feb 2013 09:28

Aerial work manufacturer Tanfield Group said Wednesday it has been approached by number of companies interested in taking over its cherry picker business. The company, which focuses on aerial platforms for construction businesses, said it was considering the approaches which came from "credible parties"."Any disposal of this business would be subject to shareholder approval," Tanfield said in a statement."There can be no certainty that any negotiations will result in an agreement to dispose of this business. We will keep shareholders informed of any further developments."Tanfield made the announcement in a trading update which showed the group reached the break-even point in October last year - the first month since 2008.Net cash at the end of December came to £2.2m, down from £2.7.m at the end of June.The company has secured a debt facility to help fund working capital growth.Shares gained 0.64% to 20.00p at 09:46 Wednesday.RD