Acquisitions drive Fairpoint’s debt management activity

CHORLEY-based debt management firm Fairpoint has seen acquisitions drive first quarter activity.

The firm said several debt management books it picked up at the start of the year had led to a “very significant increase in debt management plan activity compared to the previous period”.

In an AGM statement the company said market conditions in the core debt solutions market, which also includes individual voluntary arrangements, remained challenging, “and the group continues to avoid exposure to activity it considers uneconomic”.

Fairpoint said its claims management work was “relatively subdued”, as claims activity relating to existing IVA clients reaches maturity.

The company added: “Overall group trading is modestly ahead of the same period last year during the historically quieter first four months of the year.”

It said its acquisition of legal services business Simpson Millar should complete soon.