The firms involved are SpeedDeck Building Systems, Prompt Profiles, Stramit Panel Products and Downer Cladding Systems, which are all based at Yaxley in Suffolk.

Following the deal, Eleco’s continuing ElecoBuild trading subsidiaries will established precast specialists Bell & Webster Concrete  based at Grantham and Milbury Systems Ltd, based at Lydney.

The quartet of sold companies had a combined turnover of £9.7m and made a loss of £1.2m last year.

Eleco will receive £200,000 in cash with the companies and all 44 employees will be taken on by the new owners.

with a further £25,000 in cash to be held in escrow for 1 year. Further sums may be received in certain circumstances.

Eleco is also retaining the 116,000 sq ft freehold property currently occupied by the businesses and has agreed a one year lease with Omnis Industries Limited.