The marketing and communications recruitment company Hat Pin has sold its operation specialising in freelance advertising personnel, White Door, to its existing management team in a deal worth more than £500,000.

Highair Ltd, a company controlled by the management of White Door, will pay £572,500 in the MBO announced earlier this month.

Faverwise, a wholly owned subsidiary of Hat Pin, is the current owner of White Door.

The sale will raise cash that will enable Hat Pin to invest in new, fast growing areas of the recruitment market.

Gay Haines, executive chairman of Hat Pin said: ‘The changes in the market for communications professionals have meant that the ambitions both of Hat Pin and White Door’s management can be more effectively achieved if White Door is no longer a part of Hat Pin.’

Profits at White Door had dropped last year, with the company contributing £94,000 to the overall operating profit of Hat Pin in the six months ending 30 June 2001.

In 2000, White Door contributed £327,000 to the overall operating profit of Hat Pin after returning £85,000 in the whole of 1999.