Debt advice firm PDHL has acquired Kensington Financial Management Consultants from its owner, Money Advice Group, for an undisclosed sum.
Money Advice Group announced the sale today of its Carrington-based debt management business, revealing that all active debt management clients have been transferred to PDHL, along with 48 Kensington employees, the brand, website and trading name.
Manchester-based Money Advice Group will now focus on the formal debt solutions sector such as personal insolvency, individual voluntary agreements, protected trust deeds and debt arrangement schemes.
The transaction has created an investment fund to allow MAG to explore business development and acquisitions within this space.
Under its Knightsbridge Insolvency Services brand, it is aiming to expand its client base in this sector to more than 30,000 (from 20,000) within the next six months.
Stuart Parkin, founder and director at Money Advice Group, said: “The sale is the result of a comprehensive tender process, which included five months of research and negotiations.
“It will enable us to take advantage of the opportunities in the insolvencies industry with our Knightsbridge brand; acquiring both medium-sized and large competitors and expanding into new markets.”
He explained that the deal, which involved no redundancies, will be the start of a long term partnership.
“All of our senior staff on the Money Advice Group team remain with us and will continue to drive the business forward in the personal insolvencies sector. All Kensington customers have been transferred smoothly,” he added.
By Marcel LeGouais