Compass Finance has bought debt advisory service, The Debt Advisor.
At an EGM held today, the company agreed to buy The Debt Advisor and the placing of 11 million new ordinary shares to raise 4.15m net of expenses.
Gren Folwell, chairman of Compass Finance, says: The acquisition of The Debt Advisor is a key strategic move for Compass Finance enabling us to offer our customers a complete range of financial solutions to their debt problems, from loans and mortgages through to individual voluntary arrangements and debt management plans.
We are delighted that Beverley Budsworth will be the managing director of our new debt advisory division, bringing her breadth of experience to the successful business model that we have been developing over the last six months.
I would also like to thank both our existing shareholders and the new shareholders who have taken shares in the recent placings for their continuing support which is appreciated by the board and to assure them that we fully intend to justify their confidence in the new management team.