Harrington Brooks has confirmed that its debt management plan portfolio has been transferred to Gregory Pennington, while its IVA portfolios have moved to Freeman Jones, after it was bought out of administration.
Think Money Group, which has acquired the Harrington Brooks businesses, is the parent company of Gregory Pennington and Freeman Jones.
Daniel Smith and Daniel Butters, restructuring partners at Deloitte, were appointed on Wednesday (April 11) as joint administrators to One Advice Ltd, HB Financial Solutions Ltd (trading as Harrington Brooks), Open-Door, Harrington Brooks Ltd and Harrington Brooks Group Ltd.
Smith and Butters completed the “immediate sales” of the businesses to Think Money Group, which operates out of Trafford Park in Manchester, saving a total of 320 jobs.
The transfers were announced on Harrington Brooks’ website, confirming that the debt management plan (DMP) portfolio has now transferred to Gregory Pennington Ltd from HB Financial Solutions Limited (Harrington Brooks). It also confirmed Freeman Jones Limited has taken over the running of the IVA portfolios from One Advice Limited, trading as Harrington Brooks IVA.
“Gregory Pennington Limited will ensure that in taking over the running of your DMP,” Harrington Brooks’ statement to its customers said. “Your DMP will continue to run as normal, your monthly payment will stay the same, it will be re-assessed at your next annual review.
“If you pay by direct debit, it will be collected by Gregory Pennington Limited rather than Harrington Brooks. The payments and arrangements with the creditors included in your DMP will continue. The fee that you pay each month won’t change. Over the next few days we will email or write to you with more details about the transfer.”
Gregory Pennington employs 180 debt professionals and currently manages more than £240m of debt for its customers.
In its statement on its IVA portfolios, it told its customers: “Going forward, your IVA will be administered by Harrington Brooks, which is now a trading style of Freeman Jones Limited. Your IVA will continue to run as normal. Your monthly payment will stay the same. If you pay by Direct Debit, it will now be collected by Freeman Jones Limited rather than One Advice Limited.
“The insolvency practitioner who is the supervisor of your IVA has moved across to Freeman Jones Limited, so they will continue to supervise your case. Over the next few days we will email or write to you with more details about the transfer.”
Freeman Jones employs 60 debt professionals and has operated since 2003.
Deloitte joint administrator Smith said: "The companies have had to deal with the ongoing challenges facing the debt solutions sector which has driven increased consolidation. This transaction will safeguard jobs and minimise any disruption to clients.
"We wish all the employees and Think Money Group well in the future.”
The Deloitte team comprised of Dan Smith, Dan Butters, Rick Harrison and Jordan Moore. Rob Russell and Katy Seago of DLA Piper provided legal advice to the joint administrators.