Carlisle-based agriculture and engineering firm Carr’s Group announced it agreed to sell its interests in the Carr’s Billington Agriculture business to Edward Billington and Son Limited for up to £44.5 million.

“The disposal will enable the group to focus on its speciality agriculture and engineering divisions, both of which provide a greater opportunity for growth and historically have achieved higher profit margins,” said Carr’s.

Carr’s executive chairman Peter Page said: “We are today setting out a clear strategy for growth in earnings and shareholder value.

“This proposed transaction will enable Carr’s to focus on its speciality agriculture and engineering divisions and provide funding for strategic growth and investment, thereby enabling us to build upon our industry-leading positions in these two higher margin divisions.

“The agricultural supplies division, trading as Carr’s Billington Agriculture, has been a key part of the group’s growth and development over the past 20 years.

“Following the strategic review, the board is confident that now is the right time for a single owner and management team to take the business forward.

“We are confident that Edward Billington and Son, with its long-term commitment to the sector, is well placed to fulfil this role.

“This transaction represents a compelling and immediate realisation of value for all of our shareholders, streamlines the business and provides the board with a clear strategic direction for driving future growth.

“We look forward to updating on further progress in due course.”