Elektron has sold Richard Lloyd, which makes cutting tools under the Galtona brand.
The electrical and electromechanical products manufacturer acquired Richard Lloyd when it took over Howle Holdings. It has been sold for a nominal sum and there is still £450,000 of intercompany debt which will be paid off by Richard Lloyd at £5,000 a month - £260,000 is secured on the company’s assets. Richard Lloyd, which is breaking even, represents the final disposal of non-core businesses bought with Howle. Elektron has already sold NPE-Innotek and an associated freehold property.
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