MV Sports Group plc, acquired by Tandem Group plc in April this year, has disposed of its subsidiary company, Water Waiter Limited.
"This business was not compatible with Tandem's sports and leisure equipment activities," said a statement from Tandem.
The last audited accounts for Water Waiter Limited for the year ended 28 February 2002 showed a profit after taxation of £173,528 and net assets of £289,060.
Proceeds from the disposal totalled £1,966,224, before expenses, of which £1,382,400 was received in cash at completion from the purchaser, £355,517 was received in cash as a dividend prior to completion and £74,707 was received as a dividend in specie prior to completion. The balance of £153,600 is due for payment in two equal instalments on 31 January 2004 and 31 October 2004.