Carphone’s Ross approaches Cosalt

Carphone Warehouse tycoon David Ross has made a bid for offshore safety group Cosalt. Ross, who sits as a non-executive director on the Cosalt board, has tabled a preliminary bid to take the firm private for around £400,000. The approach sent the firm’s shares down 39 per cent yesterday, putting its market cap at £3.13m. Ross’ family has had a stake in the firm for more than 50 years and provides funding alongside Cosalt’s banks.