Think Money shines in tough times
THINK Money, the North West debt management and mortgage broker continued to grow turnover, profits and staff this year despite the challenges in the financial services sector.
Directors Steve Stylianou and Simon Kay said the Salford Quays-based company had made ‘steady progress in most areas’ in the year to the end of January.
Think Money Holdings, which is 61.1% owned by private equity firm Alchemy Partners and has been rated among the best UK companies to work for, grew profits 10% to £15m as turnover rose 6% to £51.8m. Employee numbers in the period rose from 697 from 608 in 2009.
It managed more than half a billion pounds worth of debts for more than 20 of the country’s leading financial institutions. At the year end total debts under management were £588m, up from £526m in 2009.
Low consumer confidence, a weak property market and tougher lending criteria meant that Think Money’s mortgage and loan broking business had ‘another tough year’.
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The number of remortgages in the year was down 46% by number and 51% bu total value and secured loans down 79% by number and 76% in total value.
With this in mind the group has ‘refocused its services on the mainstream mortgage market over the last six months’ the directors add.
Think Money trades under the Gregory Pennington, Freeman Jones, Wilson Andrews, Think Banking, Think Insure and the Friendly Group names.
The company said it had seen growth in its insurance activities and also in insolvency services and advice provided in connection with IVAs and Trust Deeds
The move to offer income protection insurance and a further push into home and motor insurance saw a 27% hike in the number of customers paying premiums for ongoing policies.
Looking forward the directors say: “The group is well-positioned to maintain its position in the sector over the coming year and has invested strongly in its infrastructure, systems and staff alike.”
Demand for products and services will be affected by “macro-economic 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,” the company adds.
Bank loans of £47m owed by parent company Milan Bidco – relating to the 2007 acquisition by Alchemy -are guaranteed by Think Money Holdings.
