CITY-region bosses have written more than £1.3 million as a result of the deal which saw James Briggs Ltd - the Oldham company which makes the iconic WD40 brand - bought out.

The company, which is the town's second biggest employer with a headcount of about 300, was bought by Tetrosyl, the largest manufacturer and supplier of car care products in Europe, last August.

James Briggs borrowed a total of £4.25 million from the Greater Manchester Combined Authority (GMCA) in a series of loans from 2013 to fund its growth and at the time of the change of ownership it still owed £1.6 million.

GMCA had an equity holding of 12 per cent, and although it received the £1.6 million in full repayment of the outstanding debt, there was a shortfall in the payment for the equity compared to the authority's investment, leading to a write-off of £1,317,370.

A report said GMCA had received £481,269 during the life of the loan and the cash had been added to the recycled funds.

As well as WD40, James Briggs is the maker of more than 250 vehicle paints for Halfords, from its bases at Salmon Fields in Royton and its Swan Mill site in Foxdenton Lane, Chadderton.

It is one one of Europe's oldest and largest consumer chemicals businesses and was the subject of a management buyout in 2018 when Paul Blackaby took over as chief executive. He has continued in that role.