Accuma takes £6.5m hit

MANCHESTER-based Accuma Group said today it will incur an impairment charge of £6.58m after writing down the value of goodwill relating to its debt management business Byrom & Keeley.

Byrom & Keeley is now the group’s main business after it decided to sell its individual voluntary arrangement (IVA) businesses.

In a trading update it said the write-down was required following a review of the carrying value of intangible assets in the division. But it insisted it was still confident about the business’s prospects.

Byrom & Keeley’s average monthly new debt management cases dropped to 145 in the first quarter, down from 181 in the second half of 2008.

But Accuma said new agreements should lead to an increase in average monthly new client signings.

It added: “The board believes that the economic climate is favouring debt management businesses as a viable option for creditors and debtors alike.”

Accuma said at the beginning of the month that it was selling its IVA interests to the accountancy firm Grant Thornton for £5.6m.