Debt advice provider MoneyPlus Group has continued to build on its buy-and-build activities by snapping up Debt Movers for an undisclosed amount.
The Manchester-based business, which provides advise to consumers with debt, also recently bought high street law firm Richardson Mail.
Financial backing for the new deal comes from Palatine Private Equity, which first supported MoneyPlus in 2011 through a management buy-out. Palatine Private Equity was formerly Zeus Private Equity before rebranding in early 2011.
Back then, Palatine provide equity funding with the CEO and senior management team – with PNC Business Credit organising working capital facilities.
MoneyPlus CEO Chris Davis says that the business has worked with Debt Movers for a number of years beforehand and have admired the way customers are treated.
‘The landscape within the debt advice sector is changing given the increased regulation from the Financial Conduct Authority (FCA), and it is clear to me that the future will see more examples of the market consolidating,’ he adds.
‘This additional acquisition underlines how MoneyPlus is able to identify and complete on potential targets which are of interest to us, and which will enable us to further our standing in the sector.’
New purchase Debt Movers is said to specialise in debt management and Individual Voluntary Arrangements (IVAs) and is based in Merseyside.
Ed Fazakerley, partner at Palatine and non-executive director at MoneyPlus Group, says, ‘The latest acquisition by MoneyPlus brings the total number of deals to eight during the time of our investment.
‘The company is experiencing significant growth and continues to strengthen its offering in the financial and legal services market through its buy-and-build strategy.’
Earlier in December, MoneyPlus Group appointed Ellie McKinnon as director of insolvency operations. McKinnon has previously worked for Fairpoint and Deloitte.