Coats Viyella's contract clothing division has been sold to a management buy-out team. The value of the buy-out, which was completed yesterday (December 5) has been put at £12m in cash. Some £17m of assets will be retained by Coats Viyella for disposal. The buy-out team was led by Mike Shotton, managing director of the underwear business, and Richard Tonge, managing director of the hosiery business. The new company, which is expected to be based in the East Midlands, has initially taken an off-the-shelf name - Marplace - but it is expected that a new name will be announced in due course.