Outside broadcast truck builder A. Smith Gt. Bentley (ASGB) has agreed to sell a 60% stake in the business to BISLT, the holding company of Chinese coachbuilding firm New Long March.

ASGB has already partnered with New Long March on a number of projects. Family-owned ASGB will receive £4m of investment as a result of the deal. Chief executive Simon Hare will retain a 40% stake and remain in post, but all other family members will exit as shareholders, including Barry Hare, who will retire as chairman of ASGB. Some of the investment will be used to set up a new sales force to support global sales efforts.

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