Silvermines looking for acquisitions

Silvermines is searching for acquisitions following the sale of the UK manufacturing and distribution parts of its security division and their related Belgian and Dutch sales businesses for £5.6m. The disposal, to Swedish-owned company Bewator Cotag, will see Silvermines increasingly focus on two core divisions: broadcast and tele-communications, and video technology. Part of the security […]

Silvermines is searching for acquisitions following the sale of the UK manufacturing and distribution parts of its security division and their related Belgian and Dutch sales businesses for £5.6m.

The disposal, to Swedish-owned company Bewator Cotag, will see Silvermines increasingly focus on two core divisions: broadcast and tele-communications, and video technology.

Part of the security division, which consists of businesses selling directly to end users, is being kept to form the basis of a video technology division.

Ian Scott-Gall, chief executive, said the sale more or less completed the group’s disposal programme.

`Together with the proposals to dispose of the UK aerospace and electrical divisions, it will allow the group to focus on its core operations and should put us in a much stronger position from which to grow,’ he said.

The businesses sold by Silvermines are involved in the manufacture and sale of CCTV security products. Last year they made a pre-tax loss of £1.1m on turnover of £12.4m. The sale price is a discount to net asset value of £7.1m.