Money Advice Group, one of the UK’s leading financial solutions companies, has acquired No Debt Now, a debt management company based in the North West.
The No Debt Now purchase comes on the back of Money Advice Group’s recent £10 million credit facility deal with PNC Business Credit, and is the first whole share acquisition to be announced as a result of it.
Founded in 2008, No Debt Now has over 1000 clients and employs 12 staff members, all of whom will be moved to Money Advice Group headquarters, to operate under the Group’s name. A member of DEMSA, No Debt Now boasts an exemplarily reputation within the industry, with a well-trained, high quality employee base, making it an attractive opportunity for Money Advice Group, in terms of both client, and staff, integration. With a significant staff to client ratio and a minimum growth projection, No Debt Now owner and managing director, Michael Paterson took the decision to sell to Money Advice Group in April this year.
Completed in just under five weeks, the No Debt Now deal benefitted from Money Advice Group’s strong IT infrastructure and staffing structure whereby a smooth transition for staff and clients is guaranteed – testament to Money Advice Group’s commitment to its wider growth strategy, in which it hopes to grow its market share by a third, through similar deals such as this.
Simon Brown, Group Managing Director, Money Advice Group commented on the acquisition, and what it means for the company:
“We are delighted to announce the acquisition of No Debt Now. We see many synergies between it and Money Advice Group, specifically its highly compliant ethos and the investment it has made in staff training and development; meaning its clients and staff will fit naturally within the Money Advice Group family.
“In an industry where compliance is often an issue, it is refreshing to be met with such an attractive proposition. With an infrastructure such as ours in place however, we remain open to all other negotiations, and are confident in Money Advice Group’s ability to assist other companies, who perhaps are at a juncture in terms of pathway, given the new OFT regulations.”
Michael Paterson, MD and owner, No Debt Now said:
“It was a pleasure working with Money Advice Group to agree this deal. It took only a five-week period from the initial conversation to completion. The speed at which Simon and the team worked and the support they provided us is a credit to Money Advice Group and confirmed for us, that our clients and staff would be in good hands. Often with deals of this kind, negotiations can go back and forth for months, but Simon and the team were as up-front and credible as they could be. They conducted their business with us, the same way they conduct their relationships with clients throughout the Group companies – and it’s testimony to the Group’s continuing success. A great company to do business with, and to leave our clients and staff in the capable hands of.”
ENDS
Debt crisis: Relieved markets soar as eurozone shores up Spain's struggling banks - Daily Telegraph
Simon Denham, head of Capital Spreads, pointed out that uncertainty also remained for investors around how the Spanish deal will work.
"Equity investors are breathing a huge sigh of relief as European indices jump on the open and even higher than our original estimates however there are still lots of unanswered questions about how this particular bailout will work and then of course whether it will prove to be the right solution," he said.
"If history is anything to go by we have seen that bailing out banks doesn’t work in the short term as we only have to see the struggling share prices of our own nationalised banks."
Jeremy Batstone-Carr, chief economist at Charles Stanley, was similarly sceptical. "Stock markets have risen but we fear that investors have yet fully to embrace what the Spanish bailout might mean," he said.
"Where will the money to fund Spain’s banks come from? Certainly not the IMF and unlikely the European Stability Mechanism. The ESM does not formally exist yet and importantly, has yet to be ratified in Germany the country seen by many as Europe’s key underwriter."
No comments:
Post a Comment