Lloyd’s broker Inbro Citygate has been put into voluntary liquidation after the board discovered deficiencies within the Insurance Brokers Account.

As a result, Lloyd’s regulators have called in the receivers after charging them under the Security and Trust deed.

Alan Scattergood, chairman of parent company Inbro Holdings, issued a statement saying: “Following the sale of a substantial book of business to Coyle Hamilton and the advent of new directors, the company’s financial position has been thoroughly reviewed by the board,” he said.

“As a result, the board has become aware of serious historic contingent and other liabilities.

“Having taken appropriate professional advice, they deemed it prudent to recommend to the shareholders that the company be put into voluntary liquidation.”

The closure of Inbro Citygate will result in 14 job losses.

PricewaterhouseCoopers has been appointed as receivers.