THE on-off sale of a Greater Manchester machine tool business has finally been completed for é6.1m. Renold, the Manchester engineering company which makes chains and gears for rollercoasters, escalators and other items, had been in talks for several months with London-based Venture Private Equity over the disposal of its Holroyd subsidiary at Milnrow.

Holroyd, which has 170 staff, is part of a machine tool business employing a total of 250, with a site in Leicester and sales offices in France and the US. The é20m-turnover division posted operating losses of é100,000 in the last full financial year. It manufactures machine tools used by aerospace, automotive and medical companies.

Last week, Renold announced that takeover talks with Venture had ended after a bid was rejected. Other potential buyers lined up but it is understood that Venture subsequently raised its offer to a level acceptable to the Renold board, and the sale has now gone through.