Money Advice acquires rival No Debt Now

MONEY Advice Group has hit the acquisition trail after buying smaller North West rival No Debt Now.

Money Advice, which recently secured a £10m funding line from PNC Business Credit to help fund expansion, said the Altrincham company’s 12 staff would be relocating to its base at Carrington Business Park.

Founded in 2008 by managing director Michael Paterson No Debt Now has more than 1,000 clients.

Money Advice said No Debt Now’s cliet base, good reputation and well-trained staff made it an attractive acquisition. It currently has a turnover of £15m and around 28,000 clients.

Chief executive Stuart Parkin said: “We see many synergies between No Debt Now and Money Advice Group, specifically its highly-compliant ethos and the investment it has made in staff training and development; meaning its clients and staff will fit naturally within the Money Advice Group family.

“In an industry where compliance is often an issue, it is refreshing to be met with such an attractive proposition. With an infrastructure such as ours in place however, we remain open to all other negotiations, and are confident in Money Advice Group’s ability to assist other companies, who perhaps are at a juncture in terms of pathway, given the new OFT regulations.”
 
Mr Paterson, who is leaving the business post acquisition, said the transaction had gone smoothly, taking only five weeks to complete.

“The speed at which Stuart and the team worked and the support they provided us is a credit to Money Advice Group and confirmed for us, that our clients and staff would be in good hands.”

Money Advice Group employs areound 280 people and is the group name behind debt solutions brand Kensington Financial Management Consultants, lending business Oak Loans & Mortgages, insurance brand Knightsgate Insurance and insolvency firm Knightsbridge Insolvency Services.