TSW keeps plans for UK Safety takeover
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.TELEVISION South West, which yesterday suspended its shares at 29p, hopes to go ahead with a reverse takeover of UK Safety Group, a Bristol-based shoe manufacturer, but not until after its audited results in February.
Talks have been temporarily shelved while TSW values its assets, which include a long lease on a 1 1/2 -acre site in central Plymouth, a stake in the Astra satellite and broadcasting equipment.
According to one source, a reverse takeover of UK Safety is 'a probability'. TSW would become a shell for UK Safety, which is looking for a stock market listing. But a winding-up of TSW is still an option if talks fail.
UK Safety, a management buyout backed by Schroder Wagg, is attracted to TSW's blue-chip institutional shareholders, which include Prudential and Save & Prosper, and its growing cash pile, now more than pounds 4m.
TSW lost its franchise at the new year and has been winding down its operations. The complex of offices, workshops and studios, which once employed 350 people, is reduced to a skeleton staff of 25. Last month TSW's chairman, Sir Brian Bailey, alerted shareholders to the plan to suspend the shares.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments