11th Aug 2014 07:40
LONDON (Alliance News) - Fairpoint Group PLC Monday said it has acquired Bournemouth-based debt solutions provider Debt Line Topco Ltd for GBP3.0 million in cash.
The consumer professional services company said the Debt Line business marks its third acquisition this year, and said management expectations for the current financial year remain unchanged.
Debt Line specialises in the provision of debt management plans, with in excess of 9,000 plans under its management. In the financial year ended March 31, it reported revenue of GBP5.1 million and a pretax loss of GBP0.5 million.
"This acquisition now brings our cases under management to almost 29,000 and, as planned, represents substantial growth over our position at the start of this year (15,688 cases under management)," said Fairpoint Chief Executive Officer Chris Moat in a statement.
Fairpoint shares were down 0.8% after the open Monday at 131.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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