Think Money back in the money

THINK Money, the North West financial services group returned to growth this year, newly-filed accounts reveal.

The company which is 61% owned by private equity firm Alchemy Partners, offers banking, debt advice and insurance products to consumers, including those with poor credit ratings.  Among its products is a paid-for managed bank account which ensures customers meet all their monthly out-goings for a fee of £14.50 a month.

In the year to the end of January this year, group turnover rose from £57.9m to £65.7m and profits – which had slipped in the previous year due to staff recruitment and investment in new infrastructure – rose 14% from £12.9m to £14.7m.

Staff numbers at the company, which has its roots in the Gregory Pennington debt management business, rose during the year from 857 to 930.

As a result of such growth the business will relocate in the next year from  several buildings around Salford Quays to a purpose-built facility on Mosley Road, Trafford Park.

The accounts reveal Think Money has signed a 15-year lease on 123,500sq ft of space at an initial price of £16 per sq ft.

Despite the group’s strong financial showing during the year the company said it had seen a fall in the number of debt management plans, secured loans mortgages and remortgages during the year, although managed bank accounts and insurance were both growth areas.

Directors Steve Kay and Steve Stylianou said in their business review: “The group is well-positioned to maintain its position in the sector in the coming year and has invested strongly in its infrastructure, systems and staff alike.

“Demand for the group’s services over the next 12 months will be affected to a substantial degree by macroeconomic factors such as the strength of the UK economy, the availability of loan and remortgage products and prevailing interest rates, as well as by the attitude and policies of Government, banks, building societies and large financial institutions towards over-indebted consumers.”

Think Money Holdings paid a dividend of £13.55m during the year.