Eighty jobs saved as Manchester debt management firm is bought out of administration
Up to 80 jobs have been salvaged after the business and assets of a Manchester-based debt management firm were bought out of administration, a news report in the local business media has been able to reveal.
Baines & Ernst operated in the debt management market for more than 20 years providing debt advice to consumers across the UK and offering a range of debt management services including individual voluntary arrangements, debt relief orders and other strategies for debt consolidation or debt settlement agreements.
In August 2016 Baines & Ernst was fully authorised by the FCA following the transition of responsibility for the regulation of consumer credit from the Office of Fair Trading.
Following FCA authorisation, the business faced rising costs and growth stagnated. While the underlying business was profitable, Baines & Ernst had incurred significant exceptional costs and a deteriorating asset-based placed increasing pressure on bank facilities.
Administrators from FRP Advisory said this resulted in unsustainable pressure on cash flow and ultimately the need to seek the protection of administration to allow for a more viable solution for the ongoing business. The company worked with advisers during the first half of 2017 to explore a range of options including seeking new investment or a sale of the on-going business in order to secure the needs of existing customers’ debt management plans.
The company and FRP Advisory engaged with a number of interested third parties during an accelerated sales process, with the sale to MoneyPlus said to ensure continuity for Baines & Ernst customers and achieve a positive outcome for key stakeholders.
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