Riddle over Accuma insolvency
DEBT management firm Accuma Group, recently taken private in a £5m deal, has been placed into administration.
Insolvency firm Leonard Curtis was appointed to the Trafford-based firm on March 23. Its sister company Wilson Phillips has also been placed into insolvency.
Chief executive Charles Howson teamed up with Manchester company Zeus Group to take the Trafford-based firm from the Alternative Investment Market and into private ownership in December.
No one from the company – which was still trading yesterday – or the administrator was available for comment.
It is understood the new owners have been restructuring, but an administration of the holding company was not expected, a source close to the situation said.
In May last year the company reported a full-year loss of £7.49m, after writing down goodwill. Its revenues for the year were £3.72m and its gross profit £1.12m. In 2008 it closed its loans broking business.
Originally a specialist in Individial Voluntary Arrangements (IVAs) – a product for debt-ridden consumers sold via Wilson Phillips, Accuma also exited that market last year, leaving it to focus on debt management services provider Byrom & Keeley.
The business, which employs around 40 people, delisted in January after shareholders overwhelmingly backed the offer from bid vehicle HH Bidco.
It was founded in 2003 by Mr Howson, who owned 25% of its shares at the time of the take-private deal.
