Money Advice Group Secures First Acquisition After £10m From PNC

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Money Advice Group acquires North West debt management company following £10m PNC deal.

“In an industry where compliance is often an issue, it is refreshing to be met with such an attractive proposition.

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 exemplary 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 benefited 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.”

For more information, please contact Dawn Hesketh at JAMpr on 0161 850 0565

Notes to editors:

Money Advice Group is one of the UK’s leading total financial solutions companies, offering complete, honest and effective financial resolutions direct to the public.

Money Advice Group is the parent company of debt solutions specialists Kensington Financial Management Consultants Ltd, lending solutions experts Oak Loans & Mortgages Ltd, insurance providers Knightsgate Insurance and insolvency experts Knightsbridge Insolvency Services Ltd.

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Howard Jones
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