Wellington, Nov 5 NZPA - Listed CER Group Ltd has agreed to sell its New Zealand Nature Company Ltd business for $3 million.

Interests associated with CER managing director, David Warrick, who has resigned as a director and employee, have made the purchase.

A possible sale was signalled at the company's annual meeting.

Consideration will be $2m in cash on settlement and a deferred payment of $1m within two years.

Should the conditions be satisfied it is anticipated that the transaction will complete in January 2010.

Sean Joyce will become a non-executive director, effective immediately. Mr Joyce is a partner in the commercial law firm Jones Young in Auckland.