ENTERPRISE plc, the company that began life as Lancashire's economic development agency, has sold the last of its industrial and commercial property in a £15.3 million deal.

The company, which was one of the North West's leading developers with more than a hundred East Lancashire businesses as tenants, has now pulled out of the property business.

Enterprise built its reputation on redeveloping old industrial building such as Daisyfield Mill and Eanam Wharf in Blackburn, Newhallhey in Rawtenstall and Deveron Mill in Great Harwood for use by small and medium-sized companies.

It has sold a portfolio of properties and its remaining property management contracts to Ashtenne Holdings plc for £15.3 million.

Since Enterprise merged with the larger Leyland-based ARM Group in August last year, it has sold property worth £21.5 million. Its remaining property staff will transfer to Ashtenne.

Executive chairman Owen McLaughlin said Enterprise would be entering into a strategic alliance with Ashtenne to provide property-related support services, specifically targetted at local authorities. "This disposal represents an important step in our strategy of focusing the Group purely on support services," he said.

"We are pleased to be entering into a relationship with Ashtenne, a company as active and entrepreneurial as ourselves. This alliance will allow us to apply our expertise across the large local authority property markets in the UK and expand our blue chip customer base."

Enterprise is now one of the UK's leading support services companies, with an annual turnover of £120 million and a workforce of around 600. Through ARM, the company manages the design and delivery of services for utility companies such as British Telecom, United Utilities, Scottish Power and Severn Trent Water.