Seymour Pierce, one of London's oldest brokers, has been rescued in a pre-pack deal just hours after its shares were suspended and Grant Thornton appointed administrators.
Investment bank Cantor Fitzgerald stepped in to pay an undisclosed price for the 130-year-old broking business which advises more than 70 companies.
The distressed business acquisition is expected to give Cantor a strong platform to expand into the UK small business market for corporate finance and advisory services.
About Robert Lovell
Business and finance journalist