THE welfare children's character Rambling Ted is now in the hands of new owners.

The business, assets and intellectual property rights over the cartoon bear have been bought by Coolebah.

The rights were available after Rambling Ted's original owners, MWC, who were based in Aberford, North Yorkshire, went into administration nearly two years ago.

Coolebah plans to launch the bear in the gift sector. He has previously been the subject of 40 licensing deals worldwide.

Among a roll call of appearances, Rambling Ted was used by china and porcelain company Wedgewood and he has earned £500,000 in royalties to date.

As well as owning many similar characters, Coolebah, which was based in Wetherby when the acquisition negotiations started but has since moved to Newbury, is involved in children's animation projects.

Janet Woodward, Coolebah chief executive, said: "It will require careful planning to launch Rambling Ted into the gift market, which is fiercely competitive.

"A handful of character properties, such as Winnie the Pooh, and Beatrix Potter, account for over 80 per cent of the revenue. We feel that Rambling Ted is a strong character with a very loyal following, so we are confident of investing the time and resources necessary to maximise its potential."

Lawyers Denison Till handled Coolebah's purchase of the character.

Other deals handled by the firm since the start of the financial year include the sale of a medical equipment supplier, completing a share restructuring for Wensleydale Railway, the sale of a chemicals business and negotiating the sale of a shoe manufacturer.