James Halstead weighing up Ossett based Airea deal

James Halstead weighing up Ossett based Airea deal

Manchester-based commercial flooring manufacturer and distributor James Halstead has confirmed it is considering an offer for Ossett-based specialist flooring business Airea.

The company said it was "at the very early stages of evaluating making an offer" for Airea, which could lead to a formal offer being made for the entire issued share capital.

An offer period has now commenced in respect of Airea in accordance with the rules of the City Code on Takeovers and Mergers.

James Halstead is required to state by 2 May 2018 whether or not it intends to make an offer for Airea.

The company emphasised that the announcement does not amount to a firm offer, and that "there can be no certainty that any possible offer will be made, nor as to the terms".

In March 2018, Airea reported a pre-tax loss of £1.5m for the 18 month period ended 31 December 2017 on turnover of £36.7m.

It also revealed plans to close its loss-making residential carpets business, Ryalux Carpets, and entered into a formal consultation period with about 50 employees. 

James Halstead reported record half-year results in March 2018, with a pre-tax profit of £23.7m on revenue of £126m.