MBO launches new debt help business

A new business has emerged following the management buyout of Stockport-based First Step Finance.

Debt Help & Advice Ltd has launched following the deal led by managing director Darren Newton; operations director Adrian Crymble, and compliance director, David Elwood.

100 jobs will be secured as a result of the move, as the management team now hope to increased turnover to £4 million over the next year.

Darren Newton said: “We are really excited about the opportunity that we have with this business as we have a real differentiator from traditional debt management companies and a really goodteam of people.

“With a more transparent approach than before and with David’s knowledge of compliance and the regulatory framework, along with Adrian’s experience of the debt resolution and insolvency industry and my financial expertise, we are confident that we can significantly grow Debt Help & Advice.”

The Board has instructed Barrister Alan Conroy of Church Court Chambers to provide legal advice as required in order to remain compliant with legal and regulatory requirements.

Alan was with the OFT for 20 years and will separately have independent oversight with a view to ensuring that the company is transparent in all its dealings with its stakeholders including clients, potential clients, stakeholders and the regulators.

The board is also looking to work with local trading standards to ensure consumer protection is central to everything they do.

Darren added: “By working closely with Trading Standards and retaining legal counsel to provide independent oversight, we will ensure that we keep up to date with any changes and developments to get the best possible outcome for our clients.”

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