Sandy Kinninmonth, Lindsey Cooper and Chris Ratten, partners from RSM Restructuring Advisory have been appointed joint administrators of Debt Free Direct Ltd and have sold the business, safeguarding some 70 jobs
Debt Free Direct Ltd, based in Chorley, Lancashire, is an individual voluntary arrangement (IVA) business that delivers debt solutions for individuals across the UK and employs 72 people. The company was part of the wider Fairpoint Group plc which went into administration on 10 August.
Despite cost savings measures, Debt Free Direct suffered financially due a decline in the demand for IVA’s and continuing low interest rates, the administrators said.
Following their appointment, the Debt Free Direct Ltd business and assets were subsequently sold to Aperture Debt Solutions. All employees will transfer to Aperture Debt Solutions with immediate effect.
Lindsey Cooper, restructuring partner at RSM and one of the joint administrators, said: ‘The successful sale of Debt Free Direct Ltd will ensure the continuity of service for customers and staff, whilst mitigating the position of key creditors.’
