IVA firm ClearDebt Group has acquired some of the assets of its rival Relax Group for £2.7m.
The assets are being acquired from the administrator of Relax Group, Jonathan Elman Avery-Gee. ClearDebt is acquiring 6,500 Individual Voluntary Arrangements, Protected Trust Deeds and Debt Management Plans. The total cost of the acquisition is £3.1m. The book value of the assets acquired was £6.26m in the last published accounts of Relax but they won‘t be valued that highly by ClearDebt.
ClearDebt believes that it can manage the cases more effectively than Relax and make more money from them. ClearDebt says other buyers were interested in the assets.
Shares in ClearDebt jumped 0.78p to 2.52p each, which values the company at £7.79m.
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