Building services company Northern Bear has sold DJ McGough to the company’s founders for £1.

Building services company Northern Bear has sold its subsidiary DJ McGough to the company’s founders David McGough and Sue McGough for £1.

Under the terms of the deal DJ McGough will also write off inter-company loans due to it from Northern Bear of approximately £300,000.

DJ McGough is a plumbing and heating services company based in Tyne and Wear. For the year to March 2010 the company declared a pre-tax profit of £80,526, but has since been trading at a loss and required further funding from Northern Bear. As of March 2010 DJ McGough had net assets of £900,000.

AIM-listed Northern Bear is a holding company for a portfolio of building services businesses based in the North of England. The County Durham-based concern currently operates 13 businesses that collectively employ over 400 people.

David McGough and Sue McGough have also gifted Northern Bear 547,368 Northern Bear shares worth 1p each, which are to be cancelled following the acquisition. The shares are all those held in Northern Bear by the buyers and were originally acquired as part of the consideration for DJ McGough in 2008.