Engineering business Cosalt said yesterday that a £5million loan provided by chairman David Ross, which was due to expire earlier this week, had been extended to June 30 or until fresh agreements were reached with its banks.
It came after Mr Ross’s £800,000 offer for the company, which employs 250 people in Aberdeen, was declared unconditional. The Carphone Warehouse co-founder now controls 54% of Cosalt’s shares.