Debt worries boost Keighley firm’s performance
KEIGHLEY-based Debt Advisory Line lifted more financially stricken customers out of the debt spriral than in the previous two years combined.
The worrying increase however has helped boost the firm’s performance with the last quarter in 2008 seeing a whopping 328% like-for-like increase in revenue.
Annual turnover has grown by 400% to £6m in the period of December 2007 to December 2008, representing an average increase of 600% year-on-year since the company began trading.
The end of 2008 also saw Debt Advisory Line open a second office in Cheadle, which now employs more than 50 staff.
Since founding partners Mark Mitchell, a former regulatory consultant, and chartered accountant and corporate finance expert Ben Farrar launched Debt Advisory Line in 2006, the organisation has grown to more than 130 staff, increasing market share by 400% in the last 12 months alone.
Its commitment to providing ethical, transparent and supportive debt management advice to the UK’s growing number of debt stricken consumers has enabled the firm to create a total of 133 local jobs in the West Yorkshire and Manchester regions.
Mike Ransom, business development director at Debt Advisory Line, said: “As the UK’s economic conditions continue to worsen, more and more consumers are finding themselves with debt problems and in need of sound advice.
“Debt management is an emotive topic that requires sensitive handling. Many clients are reluctant to seek professional assistance and find their situation difficult to discuss.”
He added: “By acting ethically and providing a sympathetic, professional and constructive service to each of our clients we have been able to help countless individuals lift themselves out of debt and also provide a stable and challenging place of work for the local Keighley and Cheadle communities.”
