Money Advice Group completes sale of Kensington Financial Management Consultants
Financial solutions company, Money Advice Group (MAG), has announced the sale of its debt management business, Kensington Financial Management Consultants, to a major UK debt solutions provider.
All active debt management clients have been transferred as well as 48 members of the Kensington team, along with the brand, website and trading name.
The Kensington debt management client base was purchased for an undisclosed sum.
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 it 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 in excess of 30,000 (from 20,000) within the next six months. Knightsbridge is one of the UK’s largest providers of personal insolvencies and provides Protected Trust Deeds for half of the Scottish market.
Stuart Parkin, founder and director at Money Advice Group, says: “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, specifically acquiring both medium-sized and large competitors and expanding into new markets.
“All of our 48 staff have been successfully migrated from our Carrington head office and there have been no redundancies. 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. Plus, all Kensington customers have been transferred smoothly.
“We see the agreement as a long-term partnership and we anticipate the transaction to be a success for all parties.”
For more information about Money Advice Group, log on to www.moneyadvicegroup.co.uk.