Cleardebt buy opens a portal to new business

DEBT adviser ClearDebt has acquired web-based business The Debt Advice Portal.

It has bought the online portal, which makes it easier for financial intermediaries to refer cases to IVA providers, and its associated intellectual property from Plinthtec Limited for up to £146,000.

Timperley-based Cleardebt will pay an initial £75,000 in ordinary shares of 2p each, with a further £71,000 to be paid in shares, also at 2p each, on the achievement of agreed conditions relating to the future turnover The Debt Advice Portal.

Since its launch in June 2007, 220 financial intermediaries have signed up as members of the portal, although no significant income has yet been generated.  

ClearDebt said the acquisition will help it to build relationships with financial intermediaries who can act as introducers of personal debt related business.

David Mond, chief executive of ClearDebt, said in a statement to the stock market: “This acquisition marks a further positive development in the strengthening of the ClearDebt offering. Whilst we now have a far more sophisticated product offering to indebted consumers, we have now matched this sophistication at a corporate level.

“We have now successfully integrated both a debt management offering and a third party introducer and contact management system into the group, thereby diversifying our offering, allowing larger and more stable income streams.”