THE Hampshire publisher of Home Information Packs which collapsed after the Government suddenly changed the rules has been bought in a multi-million-pound deal.

More than 40 jobs were saved when financial services company Integrity, of Waterlooville, bought Segensworth-based First Sellers Pack days after administrators were called in.

The new business will be called Integrity FSP.

FSP went into financial meltdown after the government postponed the introduction of the controversial HIPs for two months and ruled they only had to apply to houses with four or more bedrooms.

That decision took out 80 per cent of FSP's market and ultimately led investors to call in administrators BDO Stoy Hayward.

HIPS were intended to make the home buying process faster and easier by presenting key information right at the start of the process.

They were originally meant to be mandatory for all homes from June 1, before the Government backtracked.

FSP hoped to corner the HIPs market in the UK, with £61m worth of signed contracts under its belt.

Turnover was forecast to grow from £500,000 to £25m by the end of the year and bosses ultimately aimed to print half of the housing market's HIPs.

Integrity said FSP's business model was sound but needed new investment. Chief executive Iain Stamp said: "It demonstrates not only the size of our company and its resources, but also Integrity's desire to seek out opportunities to further grow its capital.

It is unclear whether FSP founder Jonathon Moore and other management will stay on at the company.

Mr Moore had previously vowed to stay on and develop the firm into a "£500m publishing force".