Pascon Group looking to buy

The Pascon Group will be looking to acquire other businesses after selling its scaffolding and industrial services division Palmers to Thyssen Industrial Holdings UK, a subsidiary of Thyssen Krupp for an undisclosed sum.

Kevin Bright, managing director of Pascon, said the group had decided to concentrate on its core business owing to the consolidation in the scaffolding business. "We will be looking for acquisitions which will allow us to develop our business."

Of the Palmers sale, he said: "The sale of Palmers to Thyssen Krupp is a good deal for Pascon and its shareholders, but more importantly , Thyssen Krupp provides a strong home for the business and its employees.

"The sale has enabled the founding investors to realise the gains generated by the management team over the five years since the original buyout and gives us the ability to focus solely upon further developing and growing our Selwood business."

Selwood, which last year, achieved sales of £28m and employed 400 throughout the UK is one of the largest privately owned plant hire operations in the UK and is backed by 3i, Lombard and NatWest.

l A Bolton-based manufacturer has purchased the Croker Cumflow range of fixed and rotating drum mixers from Selwood, part of the Pascon Group. All Croker production, sales, service and spares parts have been relocated to Winget's modern factory, just off the M61 at Bolton.