Churchwood has new parent
DEBT management specialist Churchwood Financial saw profits nearly treble to from £1.5m £4.2m, according to newly- filed accounts..
The figures for the year to the end of March 2010, show that turnover grew 16% to £15.8m in the period and and employee numbers from 250 to 280.
The accounts, just filed at Companies House, also reveal that legal ownership of the company changed last Novermber after it was acquired by a group called Newtco Ltd – which shares Churchwood’s Stockport address.
The two businesses share many of the same directors including Churchwood founder Mike Noblett and financial services entrepreneur Paul Naden.
Mr Naden, who made a £20m+ fortune in 2004 from the sale of Macclesfield-based HFS Loans, bought a minority stake in Churchwood two years ago.
Last year there was speculation that he was looking for private equity backing to buy the business from Mr Noblett, who held 70% of the shares.
Mr Noblett, 39, ceased being a director of Churchwood Financial at the end of March this year, but remains a director of Newtco.
