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
New Bank Hopes To Cash In On 'Clean And Green' - lbc.co.uk
A global bank dedicated to the high tech innovation sector has opened its first branch in the UK, and hopes to cash in on Britain's growing 'clean technology' sector.
The first US bank to open a commercial banking branch in the UK in several years, Silicon Valley Bank specialises in finance for IT, life sciences, so-called clean technology.
CEO and president Greg Becker said: "The opening of a Silicon Valley Bank branch in London signals a significant step in the evolution of the technology sector in the UK at a time when there is strong government support for a thriving community of local innovation businesses.
"Our clients are doing remarkable things. We are excited to be a part of their success and thrilled to be open for business in the UK."
Silicon Valley has been banker for technology brands including Cisco, Evernote Mindspeed, Mozilla and emerging social media site Pinterest.
The bank has operated in the US for three decades and is behind 50% of venture capital-backed technology and life science companies.
In recent years, parent company SVB Financial Group has expanded its global footprint and also opened offices in Israel, India and China.
Later this year it will open a new bank with Shanghai Pudong Development Bank, which is expected to be the first joint venture bank in China since 1997.
Phil Cox, head of UK operations said: "We have seen a marked shift in recent years in our chosen niche industries' activity within the UK.
"The elements of an emerging and effective technology ecosystem are all around us - first class universities, an entrepreneurial and business ownership culture, investors, the emergence of technology clusters and the support for the sector within the UK government are all very positive indicators.
"Building on our credentials of supporting technology firms in the US, we are excited to be able to help the UK's entrepreneurs meet and exceed their ambitious goals."
Commenting on the launch, Chancellor George Osborne said: "The news that Silicon Valley Bank is launching a full banking service in London is yet more proof that the UK is fast becoming the technology centre of Europe.
"The knowledge, expertise and dedication that Silicon Valley Bank brings to the ecosystem is another important step toward our objective to make the UK the best place to start and grow the great technology companies of the future."
(c) Sky News 2012
Markets and euro jump on Spanish bank rescue - Daily Telegraph
Brent and US crude futures both rose more than $2 and London copper futures pushed more than 2pc higher to $7,455 a tonne.
MSCI's broadest index of Asia-Pacific shares outside Japan surged 1.6pc, preceded by US stock index futures opening with a rally of more than 1pc on Sunday, suggesting Wall Street will extend the previous week's advance.
Japan's Nikkei average added 2pc, after sagging 2.1pc on Friday. Hong Kong's Hang Seng surged 2.4pc, while in China the Shanghai Composite rose 1.1pc.
US Treasury bond futures tumbled in Asia, reflecting the switch out of so-called safe haven assets to riskier ones. The 30-year contract was off 1-11/32 at 147-26/32.
"It was macroeconomics that lifted the markets this morning, as the EU stepped in to help Spain's banks," said Orient Futures Derivatives department director Andy Du. "All eyes are still on Greece's upcoming elections but investors' worries over the eurozone has eased in the short term."
The 17-nation euro currency area agreed to lend Madrid up to €100bn (£81bn) for its bank rescue fund, more than an initial audit suggested it might need. No precise amount was set because Spain said it needed time for an independent assessment of the capital needs of its banking sector, which is due to be delivered in less than two weeks.
China, a major holder of European debt, on Monday welcomed the move.
"We welcome the measures taken by Spain and the European Union jointly, we believe this will help restore market confidence," foreign ministry spokesman Liu Weimin said.
The rescue for Spain's banks follows bailouts for Greece, Ireland and Portugal since 2010, and comes a week before a crucial election in Greece that could determine whether Athens will stay with the euro bloc.
Analysts expect investors' appetite to buy stocks, commodities and other riskier assets to remain limited by the eurozone's broader problems. Its challenge of reducing high sovereign debts and pursuing fiscal austerity, while also achieving growth, will not be resolved anytime soon.
The European Union action is going to be a temporary success because the Spanish crisis is mostly centred around its banks, said Richard Hastings, macro and consumer strategist at Global Hunter Securities.
"The next phase of the Spain situation comes in six to nine more months when it becomes clear that Spain's economy has not improved, thus pointing to a wider realm of distress," Hastings said.
"That is indeed the primary concern for the entire European situation: that the relationship between banking, credit and growth remains fragmented and impaired."
Analysts said Monday's market rebound was probably more to do with short covering than a return to full risk taking, especially in the euro, given the record positions that had built up betting on a decline in its value.
"Aid to Spanish banks suggests European policymakers want to prevent eurozone problems from causing further volatility in global financial markets and threatening the world economy, and this provides a sense of relief for investors," said Takao Hattori, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.
"But uncertainties remain with how funds are provided to Spanish banks, as well as the outcome of Greece's election and the situation in peripherals such as Italy. I see the recovery in currencies, especially the euro, largely as an unwinding of huge short positions," he said.
Hattori said the next key gauge for confidence was whether the spread between Italian government bond yields and those of Germany would exceed 500 basis points.
While the public financing situation in Spain and Italy is not as dire as that in the three smaller countries that have already sought international help, Italy may be wary of the banking crisis in Spain reigniting concerns about its huge public debts, he said.
The Spain-German spread - the premium investors demand for holding Spanish debt compared with super-safe German bonds - topped well above 500 basis points in recent weeks preceding Madrid's call for help to fund its debt-stricken banks.
The Italian Treasury will announce details of its bond auction later on Monday. Figures released on Monday confirmed that the Italian economy contracted by 0.8pc in the first quarter of 2012.
A rebound in the euro and the dollar's corresponding decline spurred buying of gold, with spot gold firming 0.1pc to $1,595.99 an ounce.
Surprisingly strong China trade data released over the weekend were also lending support to riskier assets, market players said.
China's imports of key commodities in May confounded expectations of a fall, with crude oil shipments at a record high and both copper and iron ore imports unexpectedly rising more than 10pc from a month ago.
Improvement in general market sentiment eased the cost of insuring against corporate and sovereign defaults in Asia, with the spread on the iTraxx Asia ex-Japan investment-grade index narrowing by five basis points.
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