Money Advice Group, one of the UK’s leading financial solutions companies, is embarking on a comprehensive growth strategy after securing an asset based lending facility worth £10 million, with PNC Business Credit.
In conjunction with, Dow Schofield Watts, Money Advice Group negotiated the credit facility to enable continued growth through a combination of working capital funding and finance for acquisitions.
Boasting a solid 10-year heritage, Money Advice Group currently holds approximately 8% market share of the fee charging financial solutions industry, with a turnover of £15million. Handling £250million of consumer debt, the financial solutions company has 28,000 clients that it hopes to grow by a third, with the help of the cash reserve from PNC.
Money Advice Group’s expansion plans have been stimulated by increased attention from the Office of Fair Trading (OFT), resulting in a compliance review in 2011, which saw a significant number of debt management companies either voluntarily exit the market or be forced to close due to lack of compliance. No longer open to flexible and often lax regulations, the debt management industry is now governed by the OFT’s more stringent ‘Debt Management Guidance’ published in March 2012 – and the enforcement of such has led to an industry trend of consolidation. This has created significant opportunities within the industry for larger players, with the potential to gain more market share by assisting those smaller players who wish to exit completely or sell their book of customers, in light of the cost associations of becoming compliant.
Money Advice Group’s proactive stance has allowed it to anticipate this shift in the debt management industry, and prior to its partnership with PNC, had self-funded an exercise in acquiring a small player exiting the market. The success of such a venture was the catalyst for its ambitious plans for growth and prompted the discussions with PNC to facilitate an acquisitions strategy.
The agreement with PNC is part of Money Advice Group’s overall expansion plans, which will see it take on an additional 3,500 feet² of office space within its existing premises, and boost its workforce with several new appointments within the management and client services teams. Money Advice Group has already recruited 60 members of staff in order to facilitate expansion, bringing the company workforce to 285.
Simon Brown, Managing Director, Money Advice Group commented: “With the introduction of more stringent compliance guidelines than our industry has ever witnessed, we spotted an opportunity in the market. We are extremely proud of our compliant culture but the costs associated with becoming compliant are too excessive for some of the smaller players, so what we find is they want to exit altogether or just sell on some of their books or assets. We trialed this approach last year with the successful acquisition of a smaller company, and it was from this we saw a clear direction for Money Advice Group.
“Our decision to work with PNC stemmed from its reputation in this arena, and its innovative approach to facilities based on loan to value rations against specific assets. This offered a more substantial funding line, enabling us to take advantage of the opportunities in the industry – specifically acquiring both medium-sized and large competitors, and to expand into new markets.
“We have ambitious plans for expansion and growth, and the partnership with PNC has assisted us in realising these plans. We look forward to continuing the working relationship with PNC Business Credit.”
Mark Shackleton, PNC Business Credit said: “Money Advice Group has the infrastructure, industry knowledge and experience to facilitate steady growth through acquisition. There is a clear strategy to grow the business and we are pleased to be adding Money Advice Group to our growing portfolio of clients”.
ENDS
The Business Finance Store Discusses How to Appeal to the Millennial Generation - YAHOO!
The Business Finance Store discusses some recent findings on consumer habits that could help small businesses increase their sales.
Santa Ana, CA (PRWEB) May 30, 2012
According to research firm Technomic, businesses must be more socially responsible to appeal to the Millennial Generation (ages 19-34), the Sacramento Bee reported. In Technomic’s recent study “Understanding the Foodservice Attitudes and Behaviors of Millennials,” the research firm found that this younger cohort tends to look for such things as social responsibility, sustainability, local, and organic, grass-fed, and hormone-free offerings when dining out. However this information is relevant beyond the food service industry. In the recent blog post "Earn More by Targeting Millennial Shoppers, Tech-Savvy Texans and More," The Business Finance Store discusses some recent findings on consumer habits that could help small businesses increase their sales.Information on different demographics can be useful in helping small businesses increase their sales. Keeping up with the latest trends and understanding one’s client base can reap huge rewards. Read more about how small businesses can cater to different demographics at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as:Business Financial Solutions, Legal Solutions, and Accounting Solutions.
The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.
For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Kelly Rye
The Business Finance Store
(949) 777-5959
Email Information
Romney Clinches GOP, Raises Money With Trump - digtriad.com
(CBS News) WASHINGTON - The Republican presidential race is over.
Mitt Romney won the Texas primary Tuesday, picking up enough delegates to clinch the nomination.
CBS News estimates Romney now has 1,198 GOP delegates.
Romney didn't go to Texas Tuesday night to celebrate.
He was raising big money with Donald Trump in Las Vegas.
Everything about Trump is big, including the money he can raise for political campaigns.
The question for Romney is whether Trump can also cause some big headaches with his big mouth.
Tuesday night in Las Vegas, Romney kept his focus on President Obama and the economy.
"He's been a big disappointment, hasn't he?" Romney asked a crowd.
"Yeah!" the crowd shouted.
The former Massachusetts governor was in the swing state of Nevada attending a $2 million fundraiser hosted by Trump, who's been raising money and bringing his celebrity to Romney's campaign.
But if raising money is what Trump does best, he's also good at stirring up controversy.
And so on Romney's day, there was the billionaire big-talker continuing to question, in a phone interview with CNN's Wolf Blitzer, whether Mr. Obama was born in the U.S.
"A lot of people do not think it was an authentic (birth) certificate (the president released)," Trump told Blitzer.
"How could you say that if the state..." Blitzer began to ask.
" ... A lot of people do not think it was authentic," Trump insisted.
It was Trump's questions last year that prompted Mr. Obama to release his full birth certificate, which the state of Hawaii recently gave its seal of approval.
Romney has said he believes the president was born in America, but he's hasn't disavowed Trump, saying he and his supporters aren't going to agree on everything.
And at Tuesday night's fundraiser, Newt Gingrich, a former rival-turned-new-supporter, came to Romney's defense, saying, "Governor Romney's not distracted. The Republican party's not distracted. We believe that this is an American-born job-killing president; other people may believe that he was born somewhere else and still kills jobs."
Also Tuesday night, Romney got a personal introduction by Gingrich to mega-donor Sheldon Adelson who, with his wife, gave $20 million to Gingrich - the kind of money the Romney campaign could certainly use going head-to-head with the deep pockets of the Obama camp.
Kenyan shilling weakness temporary-Finance Minister - Reuters UK
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RBS shareholders will never recover money they lost - Daily Telegraph
A share restructuring plan, which was approved at today's annual investor meeting will see the bank swap 10 of its existing shares for one new share. As a result of the scheme, which will take effect from June 6, the bank's share price will increase 10-times, pushing the share price to about 200p - the first time RBS shares will have traded at that price since September 2008.
RBS avoided the shareholder protest votes that have hit other major British businesses during the so-called "shareholder spring". However, with UKFI, which manages the state's 82pc holding in the bank, voting in favour of all the bank's resolution a protest vote was never considered likely.
Sir Philip told shareholders that despite chief executive, Stephen Hester, coming under pressure to give up his bonus the "great majority" of institutional investors had been in favour of awarding him the all-share payment worth nearly £1m.
MONEY MARKETS-Speculation of ECB interest rate cuts returns - Reuters
* Markets pricing small probability of ECB rate cut in June
* Such bets likely to accumulate in coming days
* As in May, markets could set themselves up for letdown
By Marius Zaharia
LONDON, May 30 (Reuters) - Bets that the ECB will cut interest rates next week are again appearing in money markets, as Spanish and Italian debt yields are approaching levels that made the central bank introduce unprecedented easing measures last year.
The threat that Greece could eventually leave the euro and worries over Spain's banking sector have prompted investors to sell Spanish and Italian debt, bringing the two countries' borrowing costs closer to levels deemed as unsustainable.
The sheer size of their debt markets and their deep-rooted connections with other financial systems in the euro zone are reasons for investors to speculate that a policy response is in the works.
The European Central Bank is, as usual, seen as the most likely institution to take measures to cool market nerves because it can act faster than politicians. It has done it before in the past by injecting around 1 trillion euros of cheap loans into financial system in December and February.
Euro zone economic data this month has also been poor, supporting bets that the ECB may soon resume monetary easing, possibly by cutting its key refinancing rate by 25 basis points from a record low of 1 percent.
"Data ... have been softer, and then you have the Greece issue continuing to be unresolved and the Spanish issue continuing to be unresolved," said Elaine Lin, a rate strategist at Morgan Stanley, whose economists predict a rate cut.
She said the euro overnight Eonia rate forward market was only pricing an over 10 percent probability of a rate cut in June and the chances were higher by another 10-20 percentage points for the July meeting. However, she expected markets to factor in a higher probability in the next few days.
A key rate cut, if also accompanied by a cut in the 25 basis points deposit facility rate, could trigger a 5-10 bps fall in the near-term forward Eonia rates towards the 20 bps level seen now in September-October Eonia forward rates, Lin said.
The lowest point on the 2012 Eonia curve is December, at 16 basis points, which implies an 80 percent probability that the deposit rate would be slashed in half, according to BNP Paribas rate strategist Matteo Regesta.
A Reuters poll of economists showed the ECB was likely to resist pressure to cut interest rates in June, but also pointed to a growing probability that it will reduce them later this year.
Speculation about ECB monetary easing has also been fuelling a rally in Euribor futures , implying bets for lower fixings of benchmark euro zone interbank three-month Euribor rates later this year.
The December Euribor future has gained back most of its losses made since Greece's inconclusive election on May 6, which sparked fears the country may be on its way out of the bloc. The fall earlier this month also coincided with unwinding bets that the ECB would have cut rates in May.
The contract was last 3.5 ticks higher on the day at 99.46. That was one tick lower than the pre-election close on May 4, but some 15 ticks higher from the lows hit in mid-May.
The move higher in Euribor futures, which has been faster than the move lower seen in the very low Eonia forward rates, has led to tighter Euribor/Eonia spreads, which are widely used as a gauge of money market stress.
That is counter to what is happening in banking credit default swap markets - where investors can insure against banking defaults. The Markit iTraxx index of European senior financials CDS remains close to its highest level this year at around 300 bps.
BNP Paribas' Regesta warned that Euribor futures could fall again as they have done after the ECB's May meeting and this would trigger a widening of the Euribor/Eonia spreads consistent with the levels of stress felt in money markets.
"You have a decoupling between those spreads and the banks CDS now, but those spreads remain exposed to significant paying interest in coming weeks ... unless there is another policy response from the ECB at its meeting next week," Regesta said.
Forex Autotrading Platform ZuluTrade Enables FXOptimax Clients to Follow Ranked Forex Trading Experts’ Strategies - StreetInsider.com
Partnership enables social Forex trading 24 hours a day without the need to be in front of a computer
NEW YORK--(BUSINESS WIRE)-- ZuluTrade.com, the largest FOREX automated peer 2 peer Forex trading exchange, which allows users to reduce the influence of emotion on trading, announced today their partnership with FXOptimax, the award winning Asian Forex broker.
Registered in New Zealand, FXOptimax is an STP/Non Dealing Desk international Forex brokerage company dedicated to providing excellent online Forex trading services and exceptional trading conditions. With a heavy focus on ease-of-use and flexibility, FXOptimax employs a wide range of deposit and withdrawal methods along with rapid execution times, tight fixed spreads and a range of account types to suit individual client needs. FXOptimax’s devotion on excellence was rewarded with the award of the Best Micro Broker in Asia 2011 from FXEmpire.
ZuluTrade’s network of 44,000 traders is now available for FXOptimax customers. They can utilize ZuluTrade’s proprietary system that allows FXOptimax traders to follow the trades of top-performing ZuluTrade signal providers from all over the world. ZuluTrade allows its top traders to be followed by customers and uses its automated system to perform trades based on the actions of those experts. All of these top traders are fully analyzed by ZuluTrade’s system that reviews their tenure at the company as well as profit and loss data.
“We are happy to welcome FXOptimax as the newest member of ZuluTrade’s expanding but elite network of collaborating brokers”, said Leon Yohai, Founder and CEO of ZuluTrade. “Their target group of micro account holders in the Asia and Pacific region, enjoying an award winning client service, minimal deposit limits, micro lot trading and a variety of payment methods, will now also be able to benefit from ZuluTrade’s platform. ZuluTrade is the ideal starting point for Forex beginners, as ZuluTrade users do not need trading experience or a financial background; with ZuluTrade they don’t follow financial indicators, they follow people, traders that are ranked based on their performance by our powerful algorithms”.
ZuluTrade offers clients the ability to day trade without being in front of their computers. Participation in ZuluTrade requires no third-party wire transfers or minimum investment. Traders keep all funds in their personal brokerage accounts, which may be withdrawn at will.
ZuluTrade is now executing trades from clients in 183 countries. ZuluTrade is the online and mobile autotrading platform of preference for 40,000 live accounts of Forex traders worldwide.
About ZuluTrade
Founded in 2007, ZuluTrade is headquartered in Athens, Greece, with branch offices in New York, Hong Kong and Shanghai, and has a team of 120 people. ZuluTrade has 40,000 trading clients in its online network, and a trade volume close to $200 billion USD globally. For more information visit www.zulutrade.com
About FXOptimax
Registered in New Zealand, FXOptimax is an award winning Forex Broker with a focus on Micro trading and the Asian region. An STP Broker, with no profit or trading style limitations, FXOptimax has eliminated losing risk on its side, making sure it is always on the clients’ side. For more information visit http://www.fxoptimax.com
ZuluTradeGeorge Kollias+302130176302gkollias@zulutrade.com
Source: ZuluTrade
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