Debt solutions provider bought by MoneyPlus Group
MoneyPlus Group, parent company for the brand MoneyPlus Advice, and one of the largest commercial debt solution companies in the UK have successfully completed the purchase of Exeter-based InControl Debt Solutions, one of the South West’s largest providers of debt solutions.
This is the second acquisition for Manchester-based MoneyPlus Group this year after acquiring Bright Oak in February.
The deal will see InControl’s customers managed under the MoneyPlus Advice brand who help people with unsustainable levels of personal debt.
Following a detailed due diligence process, change in control was granted by the Financial Conduct Authority (FCA) in March, with all customers expected to be migrated to MoneyPlus Advice in the days following completion.
Commenting on the acquisition, Charles Greed, founder of InControl Debt Solutions said, “Having built up a strong reputation over the last 20 years for positive customer outcomes, we felt MoneyPlus were a good fit for our customers as they are known as a company with strong values.”
The group has seen substantial investment over the last 2 years from both Intriva Capital and Oak North Bank and has spent that time fine-tuning internal operations ready for significant scaling.
Chris Davis, chief executive at MoneyPlus Group said: “We’ve supported customers for over 20 years now, and we know how important it is to provide the highest levels of service to people in financial difficulty. Life doesn’t stop because you’re in debt, so every MoneyPlus Advice customer has a dedicated account manager, always on hand to help, and online access to their plan 24/7 through a customer portal. We can see the impact that the current cost of living crisis is having on working families right across the UK so being able to provide the kind of service that we do, makes a real difference in people’s lives. We’re really honoured that we get to be a part of so many people’s journey to financial freedom and are looking forward to welcoming InControl Debt Solutions’ customers to MoneyPlus Group and supporting them to reach their financial goals.”