"Yeoman is concentrating on the wireless vehicle and pedestrian services."

The Yeoman Group has been through a roller-coaster ride recently. In 2000, Reuters analysts made it the UK's top performing stock with a share price of 612 1/2. The price at the time of writing was 22 1/2.

B&G sales to March 31 this year were £2.9m, against £4.1 for the corresponding period in 2002 and the Yeoman Group posted a loss of £3.2m for the six months to March 31 2003.

Employees have also been laid off at both Yeoman and B&G.

While GPS use has increased enormously, the take-up on Yeoman's TravelM8 has not been as fast as the group had hoped for, due, the directors say, to economic difficulties in Europe.

The group points out two big European companies in Germany are about to start testing the product.

Yeoman bought B&G in 1998.

The company's instruments dominate the racing yacht market and were used on most America's Cup yachts, all of the last Volvo Race entries and wide numbers of high profile boats including Ellen MacArthur's Kingfisher and Grant Dalton's Club Med.

Tony Birch, put in as a recovery specialist at B&G, told BBit was a logical thing for Yeoman to sell the company.

"The recovery plan is progressing well on both sales and profits, " he said. "The business is re-stabilised and we are continuing with the product developments and sales efforts."

KPMG has been appointed to conduct the sale and has asked for offers to be submitted by July 7.

Tony Kent of Silva told BB we were the last people he would tell if he was interested in buying B&G, while Stuart Thompson of Raymarine allowed it is something the company would consider, "although we consider ourselves more of a competitor".