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The UK’s leading independent solid fuel manufacturer, Maxibrite, has been sold in a multi-million pound deal that will safeguard 40 jobs.

The Llantrisant company has been acquired by Coal 4 Energy.

The new majority owner is a joint venture company formed by UK Coal and Hargreaves Services – two leading UK groups with interests in and around the coal industry. The new owners will be looking to develop the business and add capacity to the site on the Mwyndy Industrial Estate in Llantrisant.

The deal, believed to be in the region of nearly £5m, was brokered by Cardiff-based chartered accountants Hodge Bakshi, who were called in last summer to safeguard the jobs and find a new owner for Maxibrite, which serves the domestic fuel market in the UK as well as exporting to the Irish Republic, France, Belgium and Norway.
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U.K. Coal Plc, the nation’s largest producer of the fuel, said full-year profit rose more than fivefold on record prices and a jump in the value of its property holdings.

Net income increased to 94 million pounds ($187 million), or 59.9 pence a share, from 17.5 million pounds, or 11.7 pence, a year earlier, the Doncaster, England-based company said today in a statement distributed by the Regulatory News Service. Sales dropped 3.3 percent to 328.5 million pounds.

“The world coal price has almost doubled. We have successfully moved our overall sales prices closer to the market price,” Chairman David Jones said in the statement.
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