Hundreds of jobs rescued as bankruptcy services firm bought out of administration
Hundreds of jobs have been rescued after a financial services firm was sold out of administration.
Think Money Group, based in Manchester, has snapped up One Advice Group, which is based in Sale.
All 320 staff at the group’s subsidiaries One Advice Ltd, Harrington Brooks and OpenDoor, will transfer to Think Money’s subsidiaries Gregory Pennington, Freeman Jones and think2claim.
One Advice’s companies provide personal insolvency solutions including IVAs, Debt Management Plans (DMPs) and administer PPI and packaged bank account claims.
Daniel Smith and Daniel Butters of Deloitte LLP were appointed as joint administrators on April 11.
Smith said: “The companies have had to deal with the ongoing challenges facing the debt solutions sector which has driven increased consolidation.
“This transaction will safeguard jobs and minimise any disruption to clients.
“We wish all the employees and Think Money Group well in the future.”
A spokesman for Think Money Group said: “We will be working hard to support both the customers and employees of One Advice Group through this transition.”