Harrington Brooks buys Debt Sure
HARRINGTON Brooks has bought Altrincham-based debt management company Debt Sure for an undisclosed sum.
Chief executive Matthew Cheetham told TheBusinessDesk.com that the deal for the 10-strong company allowed it to add around 1,400 debt management clients to its portfolio, bringing the total number of debt management clients up to around 25,000, while the number of IVA clients the business handles stands at around 5,000.
The company plans to integrate the business into its own operations at Sale Point on Washway Road and said that all members of Debt sure had been offered roles at Harrington Brooks.
The deal is the latest in a string of transactions that Sale-based Harrington Brooks has completed within the past two years as it has sought to become a consolidator in the market.
The business, which is currently backed by Inflexion Private Equity but is understood to be currently up for sale, has also recently picked up the Debtmatters brand from administrators and last year bought Poynton-based Fresh Start Financial Solutions.
Cheetham said that although the IVA market had proved challenging to many firms in recent years, due to caps being placed on charging structures by high street lenders, they were now viewed as a practical method of reorganisaing finances for customers with substantial unsecured debts.
“Creditors have also become more amenable about costs. For customers with debts of over £10,000, they’re generally seen as a more favourable solution.”
