FINDING a suitable merger partner is high on the agenda at Seafield, the warehousing and haulage group, after heavy restructuring costs forced the group into losses of £3.8 million sterling last year.

The company now has its work cut out to revitalise the earnings potential of the assets under its management.

Yet chairman Brian Chilver is optimistic for a recovery this year with trading showing a "marked improvement" and the business now "trading profitably". The board stresses that it will take its time in forming any new alliance and will "not be hurried into any transaction". Shareholders, doubtless smarting after such a dismal year, may find comfort in the assertion that their interests are paramount and that any merger must provide what is termed "added benefit".

Although its shares remain listed on the Irish stock market the group's business is totally in Britain and continental Europe.