Grant Thornton has acquired the individual voluntary arrangement (IVA) business of Money Debt & Credit Group.

Gareth Neill, head of the IVA Practice at GT, said: 'We are pleased to have worked with Simon Johnson and his team at Money Debt & Credit Group to take on their IVA business as part of their strategy to exit the market.'

GT is currently sending welcoming letters to all new clients with detailed information regarding the process for the transfer of cases and contact details for the GT IVA client support team.

Watford-based Money Debt & Credit Group, founded in 2006, offers a range of financial services, including IVA advice, debt management and payday loan resources. GT has not disclosed the price it paid for the deal, which is the second it has closed this month following its purchase of the financial services advisory arm of consultancy Navigant.

Simon Johnson, chairman, Money Debt & Credit Group, said: 'As part of our strategy for growth we have been looking to exit our IVA business and are delighted that we are able to pass it on to such a strong market participant as GT. We are confident that GT will continue to work closely with our customers to achieve the best outcome for all involved and are committed to continue referring work to them from other areas of our business.'