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Hargreaves confirms merger talks

Industrial group Hargreaves Services has confirmed that it is in early discussions with UK Coal plc over a potential merger.

The company, based in Esh Winning, County Durham, said, as part of its regular consideration of a range of strategic opportunities, it is in the early stages of “cautiously reviewing” a potential merger with UK Coal.

A company statement said: “Discussions with UK Coal are at a very early stage and there is no certainty that any transaction will result.”

Last month the group said its pre-tax profits jumped by 20.6% to £14.7m in the six months to the end of November but revenue fell by 28.6% to £211.6m because of a big drop in commodity prices.

Hargreaves currently runs Maltby Colliery and Monckton Coke Works in South Yorkshire and also operates in logistics, waste and industrial services. It believes the most immediate growth will come from its interests in Europe

This was posted in Bdaily's Members' News section by Ruth Mitchell .