Maverick broker Simon Burgess of Grip has sold his website to banking giant Lloyds TSB for £1,000.

The sale follows a row between Burgess and the Lloyd's insurance market that erupted after the Grip managing director said he planned to trade on the site.

Lloyds TSB was considering legal action against Burgess, but this has been averted following the sale.

"This is excellent news. I've made a 400% profit on this domain and this is definitely an area I am concentrating on," Burgess said.