SOLID fuel distributor Hargreaves Services has bought the debt of troubled coal miner ATH Resources.
The debt – owned by ATH's main operating subsidiary Aardvark TMC and other companies within the group – had a face value of £12.5 million and was owned by private equity firm Better Capital.
Durham-based Hargreaves said it has paid £5m in cash for the debt and plans to restructure the Aardvark business.
ATH – which has 200 staff in Ayrshire, Fife and Dumfries and Galloway – has been in administration since December.
Gordon Banham, Hargreaves chief executive, said: "We have been actively seeking our own opportunities to invest in surface mining in Scotland and we welcome the opportunity to participate in this project.
"Our intention is that our assistance will help to safeguard jobs."
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