The value of the deal could rise to £1m after the business was bought by Alcedo Limited today.

Pochin has been looking to off-load the concrete pumping operation for some time but a deal collapsed at the eleventh hour in April.

Pochin said the disposal will “enable the company’s management to focus on the two core areas of the group’s activities, namely construction and commercial property investment and development.”

The concrete arm employs 118 people and had gross assets of £3.7m. For the year to May 31 2012 it made a pre-tax loss of £1.4m.

Pochin chairman Richard Fildes said: “I am pleased to be able to report the sale of the concrete pumping business. As outlined in recent announcements, this disposal will allow the Company to return to its original model of building and construction with commercial property investment and development.

“We wish the management team and the employees of the concrete pumping business all the best for the future”.