Corsie Group, which collapsed into administration last month, has been bought by a consortium led by an Australian bowls specialist.

Administrators from KPMG said they had sold the business, founded by former world Bowls champion Richard Corsie, to a group led by Henselite (Australia) for an undisclosed sum.

Henselite, which makes lawn bowls used by some of the world's leading players, will continue to operate Corsie from the company's headquarters in Haddington, East Lothian.

The purchase will safeguard the jobs of Corsie Group's 19 employees and may be regarded as a vote of confidence in the prospects for leisure market players in the UK, despite predictions of cuts in consumer spending.

Founded in 1997, Corsie Group listed on the Alternative Investment Market in June 2006. The move valued Richard Corsie's 61% stake at £3m.

He hoped to use the group's listing to help accelerate expansion in the belief there were good prospects to grow organically and through acquisition in a sector in which there were many small players.

After starting out as a distributor of bowls gear, one of Corsie's first moves was buying Douglas Kenn sport, a Sussex firm which sold Henselite bowls in the UK.

Corsie eventually diversified to offer a range of products including green tea and a breast enhancement gel.

However, the company foundered after running into cash-flow problems and making stock write-downs.

On April 25, Corsie Group suspended dealing in its shares and subsequently delayed the publication of its 2007 financial results, as it dealt with auditing issues.

The move followed the resignation of non-executive directors Vikram Lall, a corporate financier, and Jim Aitken, a former Scotland rugby captain, in quick succession.

On 29 April chairman David Mathewson resigned, followed two days later by Corsie himself.

The resignations left only finance director David McArthur and sales director Graham Robertson.

Shares in Corsie Group were changing hands for just 15.5p before they were suspended, valuing it at around £1.5m.