Takeover on cards at Lister? (From Gazette Series)

Takeover on cards at Lister?

IT would seem the future of Dursley's largest employer is once again in the balance as rumours surrounding an imminent sale gather speed.

The Gazette has learned staff at Lister Petter were told of the proposed take-over on Friday.

The diesel engine-maker's decline has been well publicised and tough market conditions and a lack of capital investment have seen the firm struggling in recent years.

Established in 1867, the company in its heyday employed more than 4,000 people. Administrators moved in to take control of company finances in June last year, but management remained optimistic for the future insisting there would be no cuts to the 260-strong workforce.

This week an anonymous source told the Gazette a contract has been agreed and two separate companies are going to buy Lister Petter's assets.

One company is reportedly going to buy assets associated with the X-Series of engines and another those for the other engine series.

The source added: "Completion is expected early next month - it is ongoing - but no changes are expected at the Dursley site."

Despite numerous requests for confirmation Lister Petter chief executive Bonnie Dean was not available for comment.