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Vasanta says it is nearing vital deal
OFFICE supply giant Vasanta has spoken out again to reassure backers over its financial situation, stating it has entered the last stages of talks with its unnamed private equity saviour.
Group chief executive Richard Martin yesterday said the private equity investor, who is backed by the firm’s lending banks, has been granted a “short period of exclusivity” as the deal completes.
He said this will “conclude a transaction that will restructure Vasanta’s finances and result in a significant injection of capital into the business”.
The Sheffield firm, which employs around 1,400 staff, became embattled after having its credit insurance to key suppliers withdrawn but Martin last week dismissed “alarmist” reports it was nearing collapse.