Bradford based transport engineering group Syltone plc has made more than £500,000 from the sale of a Bingley subsidiary.
The company has sold its share capital of Bradley Doublelock Ltd, a trailer coupling manufacturer, to the current management team in a contract worth £2.9 million.
Around £2 million of that will be used to repay inter group loans, with £900,000 being paid for the share capital.
Syltone expects to make around £500,000 profit from the deal.
Bradley Doublelock, which will operate as Bradley Industries Ltd when the sale goes through this month, employs 86 people and made £385,460 profit after tax last year.
No lay-offs are expected as a result of the deal.
Syltone will use the sale proceeds to reduce its borrowings, and expects to lower the group's gearing by 14 per cent.
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