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Tanfield Group, in Washington, increases working capital during sale
A NORTH-EAST firm has secured a £500,000 cash injection to strengthen its immediate future as its looks to finalise the sale of its cherrypicker division.
The manufacturer first announced it was looking for buyers for the division in February, and bosses say they may need to raise further funding.
A report said: “The company, together with the preferred potential purchaser, is making significant progress with due diligence and contract completion.
“The firm is being managed to conserve cash through the sales process, and to bolster the cash position and to provide working capital headroom through the period, the company has secured £500,000 from two directors.
“The company may need to raise further funds from exchange of contract to completion and the board will will seek alternatives sources of funds.
“However, these directors have indicated they would be prepared to extend further funds if necessary.”
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