Vasanta says it is nearing vital deal

CE s

CE 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. <br /><br />Group chief executive Richard Martin yesterday said the private equity investor, who is backed by the firm&rsquo;s lending banks, has been granted a &ldquo;short period of exclusivity&rdquo; as the deal completes. <br /><br />He said this will &ldquo;conclude a transaction that will restructure Vasanta&rsquo;s finances and result in a significant injection of capital into the business&rdquo;.<br />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Sheffield firm, which employs around 1,400 staff, became embattled after having its credit insurance to key suppliers withdrawn but Martin last week dismissed &ldquo;alarmist&rdquo; reports it was nearing collapse.