Midlands-based engineering group Eliza Tinsley narrowed its focus further last week with the sale of tool and die maker Belcot to a management buy-out team.
Director Gerry Cotterill bought the company for £3m in a deal backed by venture capital group Northern Ventures. It put up £1m with the Royal Bank of Scotland providing the £2m balance.
Belcot was acquired by Tinsley last year as part of the £14m purchase of James Dickie. Tinsley chief executive Andrew Hall said the company was the last of its non-core businesses to go.
`We specialise in making components for specialist off-road vehicles, but Belcot specialises in car components,’ said Hall. `In my view the automotive sector is not where our future lies.’
Hall said acquisitions were possible and he was looking at opportunities on the continent.
Belcot employs 77 people, and Cotterill was one of its founders over 25 years ago. It was bought by James Dickie in 1995.
Former James Dickie directors Joe Grimmond and Graham Errington have joined as part-time chairman and development director respectively.