Money Advice Group snaps up smaller rival
Thursday 7th June 2012
Financial services business Money Advice Group has bought one of its smaller rivals, No Debt Now.
Money Advice Group is the parent company of Kensington Financial Management Consultants, Oak Loans & Mortgages, Knightsgate Insurance and Knightsbridge Insolvency Services.
Money Advice took out a £10m loan to fund expansion less than a week before the deal.
Founded in 2008 by managing director Michael Paterson, No Debt Now has more than 1,000 clients.
Money Advice currently has a turnover of £15m and around 28,000 clients.
Paterson, who is not staying with the business, said the transaction had taken just five weeks from start to finish.
Money Advice Group’s services include debt management plans and individual voluntary arrangements as an alternative to bankruptcy for consumers.
The group’s expansion plans have been boosted by an Office of Fair Trading clampdown on debt management firms, which has led to tougher regulations and increased costs of compliance, heralding a period of consolidation in the industry.
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