Hundreds of jobs saved after firms bought out of administration

Hundreds of jobs have been saved after the Manchester based Think Money bought five insolvency advice businesses out of administration.

A total of 320 jobs have been saved following the deal involving One Advice, HB Financial Solutions (trading as Harrington Brooks), Open-Door (Legal services), Harrington Brooks and Harrington Brooks Group Ltd (“The Companies”).

All five businesses were based in Sale and the staff are being transferred to Think Money.

Daniel Smith and Daniel Butters, restructuring partners at Deloitte, were appointed as joint administrators when the firms ran into trouble.

The companies offered debt management advice  and administered PPI and packaged bank account claims.

Daniel Smith said: “The companies have had to deal with the ongoing challenges facing the debt solutions sector which has driven increased consolidation.

“This transaction will safeguard jobs and minimise any disruption to clients.

“We wish all the employees and Think Money Group well in the future”.”

The Deloitte team was made up of Dan Smith, Dan Butters, Rick Harrison and Jordan Moore.

Rob Russell and Katy Seago of DLA Piper provided legal advice to the joint administrators.

 

Click here to sign up to receive our new South West business news...
Close