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| Knightsbridge acquires Personal Debt Help Line insolvency division |
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| Wednesday, 20 January 2016 | |
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Knightsbridge Insolvency Services, part of the Money Advice Group, has completed the acquisition of all insolvency cases from Personal Debt Help Line (PDHL) – a debt management company based in Cheadle. Knightsbridge, based in Carrington, Greater Manchester, will acquire all 2100 insolvency cases as well as 18 members of staff, in a deal expected to be worth £2m to the business. Completed in just under eight weeks, the deal benefitted from Knightsbridge’s strong IT infrastructure and staffing structure to ensure a smooth transition for clients and team members. The deal is part of Money Advice Group’s commitment to its wider growth strategy and it has several acquisitions pending completion over the next few months. Stuart Parkin, CEO, Money Advice Group, says: “The acquisition of insolvency cases and staff members from PDHL is a significant move for us and a promising start to 2016. The 2100 new client cases will add to our growing portfolio – taking our insolvencies division to 28,000 clients in total. We already have a positive reputation within insolvency, as well as in-depth industry knowledge, so this will strengthen our market share and enhance our team’s specialisms. “This acquisition and our other pending deals, will drive the business forward as we aim to become the market leading insolvency supplier. Our strong position in the marketplace, our infrastructure and growth capabilities, mean we are well placed to take advantage of other opportunities to develop the business both organically and through acquisitions and we remain open to all other negotiations.” The acquisition takes the total number of staff at Knightsbridge Insolvency Services to 200. |
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