The deal, which is subject to shareholder approval, follows the announcement last month that PAC was "at an advanced stage of negotiation" for disposal of both Bell & Bain and sister company Top Copy.

In an announcement to the London Stock Exchange this morning, PAC revealed that it has signed a share purchase agreement for the sale of Bell & Bain to NewCo, a bid vehicle established by Bell & Bain's management.

The deal comprises £2.25m payable on completion of the share purchase agreement and a further £250,000 in deferred consideration payable within 10 months of completion.

PAC said that the sale was in line with its strategy to divest non-core businesses in order to recycle funds into higher growth areas.

The company noted that, while Bell & Bain has been profitable in recent years, it operates in an "increasingly competitive environment that will require the deployment of substantial resources… in the medium term".

Glasgow-based academic book and journal printer Bell & Bain was established in 1831 and employs 90 staff.