Suit line acquired by gutted syndicate (5)
I believe the answer is:
spade
'suit' is the definition.
(I have seen 'black suit' mean 'spade' so perhaps 'suit' could also mean 'spade')
'line acquired by gutted syndicate' is the wordplay.
'line' becomes 'pad' (as in something lined or padded with a material).
'acquired by' is an insertion indicator.
'gutted' means to remove the middle letters (to gut something is to remove its insides).
'syndicate' with its centre removed is 'se'.
'pad' put within 'se' is 'SPADE'.
(Other definitions for spade that I've seen before include "one of thirteen?" , "Garden implement" , "Digger" , "home in Kent" , "black suit" .)