Cox & Kings has parted with residential adventure brand PGL for £467 million.

A consortium of investors, led by Midlothian Capital Partners, completed the deal to acquired HB Education, the holding company for PGL, earlier.

HB Education provides residential adventure and study trips for schools, youth organisations and young people through the PGL brand, as well as educational tours for schools and further or higher education students through its NST, EST, Studylink and Travelplus brands.

PGL was founded by namesake Peter Gordon Lawrence in the late 1950s.

The company initially offered canoe trips on the River Wye.

It was acquired by Holidaybreak in 2007 and merged with NST before Cox & Kings took over in 2011 with a deal worth £312 million.

PGL was put up for sale in June.

Peter Kerkar, Cox & Kings group chief executive, said: “We are delighted the education business has found a home with Midlothian as we are certain they will continue to invest and develop the education business.”

The current management will remain in place as the company now looks to expand overseas.