Broker Fielding Mann was saved from bankruptcy this week when Leeds-based rival, Quote Choice, stepped in to acquire the company.
Fielding Mann brings in around £3m in premium income but following major losses the broker found itself in liquidation with its ten-strong workforce facing possible unemployment.
Quote Choice has agreed to pay Fielding Mann's insurer-creditors an undisclosed percentage of what they are owed, and staff will now be retained.
Managing director Philip Catterall said: “Fielding Mann is a great fit with our strategic direction which is niche business and schemes. I think we can add controls and standards to the business and there is a lot of value added we can bring.”
Fielding Mann handles a wide range of schemes including surgeries, bouncy castles and lottery insurance. Quote Choice's £12.5m book is spread across taxis, motor trade, bikes and other some high-end personal lines business.