I'm kind of in a similar situation. I am actually being bullied at work by someone a bit up the chain from me. He's a patronising, psychological bully, which is the hardest thing to prove because I don't have any real physical evidence that he's doing it, and I think he knows it too. I only enjoy the company of one or two of the individuals I work with, and the job itself is rather specialist.
Added to which, our "company" decided a few years back (before I started there) to review everyone's pay grades. They gave the Orthotists (the people who prescribe the devices to the patients that I then have to build) the all-clear and kept their wage the same, despite the fact that they've off-loaded some of their work on to the technicians (which is what I am), but they cut Technician pay bands from band 5 (the national average for our job) to band 3! ( :? ) Despite the fact they had actually been given more work to do, and that's after the tech work-force had been slimmed down anyway over the years, giving the techs more to do in general between them.
Needless to say, all the middle management and the centre managers didn't get touched (in fact probably went up a notch on the pay scale).
The result is, even though I am "New Boy", I feel incredibly low due to the bullying and the amount of sheer dickery there is amongst the workforce, and I also feel incredibly undervalued when I go around and look at what other Techs all over the country (and abroad) are paid, PLUS some of those guys have it easy! A lot of them use automated machinery these days, they have scanners to mock up the image of the patient's feet / legs / whatever, have laser-cutting computers and auto-CAD / lathes and routers that basically shape everything up for them! Lazy much?
We make plaster casts of the limbs / feet / whatever, clean them up manually, rectify them manually, and hand-shape all the leg braces / insoles / built-up footwear and adaptations. It's a dying art in an age of technology, really.
My options are quite easy, in theory. I can simply transfer to another trust if I so wished, but that would mean moving out of our area, and I really don't have a stable financial background to help me out. I need to clear my debts before I can move anywhere, so I am stuck here for at least the next three years.
I have, however, identified a target for myself: My job is one of the most sought-after skills in Canada, and it would give me a really easy time of emigrating. I've never physically been to Canada, but I already love the place. All my friends who have been there say that the quality of life is so much better, and the people are fantastic.
...Add to that Devin Townsend comes from Canada and I'm on to a winner, haha!
So my dream is to take my skills there, ultimately.
So all things considered, out of the options Dmoney has, it would be hard for me to stay in the same place, but in the name of stability I would probably stay put unless the pro's massively outweighed the con's when considering the job move.
From what you've mentioned mate, it sounds to me that, in regards to career stability, you are probably better off where you are for now. As for your MENTAL stability, however, maybe not, heh. Feeling patronised and demotivated is one of the worst ruts to get stuck in. If you can handle the pay cut and the fact that the smaller company is in a rather tentative position, it might be worth going over to them just for the change and to get more knowledge from a different angle (depending on what you do, they may do things slightly differently, therefore broadening your skill-set?)
Better still, if you can somehow highlight and combat the negative aspects of your current job, maybe by bringing up the attitudes of others to a trusted person further up the line from you, you might find a new lease of life where you are? I don't have a reliable enough support structure where I am, so I do understand that sometimes it's just not a viable option, but something to think about if you hadn't already.
Whatever you decide mate, I sincerely wish you the best of luck. Times like these are always hard! :(