The experienced winger has featured just twice for the current Pitching In NPL Midlands Division league leaders this season.
Last month, he also spent time on loan away from the club at Worcester City, where he enjoyed a successful spell in 2021/22.
On his departure, Yeltz boss Paul Smith said: “Timing and circumstances have been against Bailey since he arrived.
“It’s a shame, but just one of those things in football that not every move works out how we would all like.
“He is a great lad and we wish him all the best in his next move.”
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