TT sets up rescue for Prestwick

TT sets up rescue for Prestwick
Alex Mayhew-Smith A rescue deal for Prestwick Holdings has been launched by TT Group, the engineering firm, only days after the PCB manufacturer suspended trading on the stock market ahead of disastrous results. A TT spokesman said it was too early to talk about how many jobs could be saved through the take-over. “It is TT’s intention to save as many jobs as possible but it is now up to Prestwick’s shareholders to accept TT’s offer,” he said. Days before TT launched its bid, Prestwick suspended the trading of its shares and then announced the company had made a loss of ?1.1m in the six months to January 31, 1999. Turnover for the same period fell 22 per cent to ?18m. The firm blamed the loss of a major customer and increased competition from the Far East for the fall in business. TT, which already owns over 26 per cent of Prestwick, plans to take on Prestwick as a going concern. “We will be bringing our full management strength to bear to rectify Prestwick’s problems and to enable it to trade as a viable operation. Printed circuit board manufacture for the electronics and automotive industries is an integral part of our business,” said John Newman, CEO of TT. TT is offering 1p per ordinary Prestwick share and 10p for every preferred share, which values the company at ?700,000. Prestwick, which has factories in Ayr and Irvine, has 500 employees having laid off 100 jobs in the last three months.


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