PAC shareholders voted in favour of the sale to a management buyout team led by current managing director Ian Walker.

The decision follows last month's announcement by PAC that it had signed a share purchase agreement for the sale of Bell & Bain to the bid vehicle NewCo.

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 expects to complete the transaction within the next week, at which time a further announcement will be made.

Walker was unavailable for comment.