Leadbay Media Group has sold its assets to the Mitchell Farrar Group for an undisclosed sum and is set to relaunch its brands.
The deal, which completed on New Year's Eve, will see all of the group's brands, including Leadbay and Add Momentum, taken on by Mitchell Farrar Group, along with its technology, intellectual property and databases.
However, liabilities will not be transferred.
It was confirmed on 23 December 2010 that Leadbay had ceased trading, with all 21 staff made redundant with immediate effect. Mortgage Solutions revealed that its sale would leave brokers £200,000 out of pocket.
Mitchell Farrar Group also owns the Debt Advisory Line, Investor Compensation, the Financial Advisory Line and Mitchell Farrar Insolvency Practitioners.
Grant Stevens, managing director of Leadbay, confirmed he will continue to head up the company.
Stevens said: "I am working very closely with Mitchell Farrar to help them understand what they have bought and what we need. It is very early days at the moment, but the intention is to bring all the brands back to what they were before and take the best aspects of them forward.
"The consumer financial market has changed so much and will continue to do so in the coming years. Leadbay will give Mitchell Fararr the ability to adapt to those changes."
In regards to creditors, Stevens said: "We have done as best as we can to get money to our creditors. We are hopeful that there will be some return from the insolvency process."
In addition, he said that there may be opportunities for former Leadbay employees at the relaunched company.
A spokesperson for Mitchell Farrar Group said: "We see this is a very good fit within our business and are very excited about the potential for the future. We are currently working with some of the Leadbay team to help bring the brands back to their former glory."
