WYG announced last month that it would be closing its loss-making Republic of Ireland operations with Grant Thornton appointed as provisional liquidators at the business which employed 800 people at its peak.

In a trading statement to the City today, the firm said: “We have been informed by the provisional liquidators that they will very shortly be seeking court approval of their formal appointment as liquidators and that, conditional upon their appointment, they have agreed to sell to WYG all three of WYG Ireland Limited’s subsidiaries in Northern Ireland, securing the jobs of c.90 employees in Belfast.”

WYG chief executive Paul Hamer said that the business is now back making an operating profit.

He said: “Having stated, on 7 June, that we were confident of returning the Group to operating profit in the near term, we are delighted to announce that this milestone in the Group’s turnaround will be reached in the first half of the current year.

“Now that we have achieved this significant target, we are well placed to progress with our shift in focus from internal improvements to creating higher quality revenues through the delivery of our Global Integrated Strategy and look forward to updating the market on our progress in November.”