But Allen will retain responsibility for Pearce's £3.75m bank debt and other debts of £700,000. In addition, it has agreed to chase creditors who owe the business £2.85m.
Allen finance director Neil O'Brien said the cost of the sale had been included in the announcement last month that the group was facing losses of at least £13m.
He said: "We've found a buyer, which is marginally better for us, but there's no significant difference." Allen also made Steve Corcoran chief operating officer this week.