The deal is expected to be completed by the end of the month with the cash being used to help pay off debt.
Mouchel has had a difficult few weeks after a 拢8.6m black hole appeared in its accounts, .
Grant Rumbles, appointed as new Mouchel chief executive last Friday, said: 鈥淭he sale of Mouchel Rail is a key step in our strategy to focus on Mouchel鈥檚 leading positions in core markets.
鈥淲e wish the rail business and its employees every success in the future.鈥�
Rumbles succeeded Richard Cuthbert as chief executive, with David Sugden appointed interim after predecessor Bo Lerenius resigned.
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