History of the Group

Debt Free Direct was established in 1997 by Lathams Chartered Accountants. The aim was to provide the widest possible range of solutions to the burgeoning number of individuals with debt problems.

The business was acquired through management buy-out by three of the former partners of Lathams in May 2001 (Andrew Redmond, Paul Latham and John Reynard).

During this period the profile of the business grew considerably, culminating in the flotation on the AIM market in December 2002.

During 2003 the Directors identified the opportunity to grow the business further in a climate where economic, market, political and regulatory factors were all favourable. An institutional placing in September 2003 saw the business raise £3.85 million replacing loan financing and investing in infrastructure and increased market share.

This was further assisted by a second institutional placing in February 2005, which saw the business raise approximately £8.5 million before expenses. The funds raised provided additional working capital to allow the company to further increase the rate of organic growth taking the clear lead in the IVA marketplace.

In October 2006 the relocation to a new 40,000 sq. ft. operating facility in Adlington near Chorley was completed successfully. This provided considerable space for continued growth of the business.

The business continued to develop its product offering venturing into mortgage and other broking in early 2007.

In June 2007 the company completed the acquisition of Clear Start UK Limited, a rapidly growing consumer debt advice and solutions company. This resulted in the enlarged group being the clear market leader in the IVA space.

Name changed to Fairpoint Group PLC and Chris Moat appointed as Chief Executive officer. Debt solutions business expands to offer Debt Management Plans.

Robustness of our business models was tested as new IVA protocols led to lower fee levels and the exit of several competitors from the market.

Fairpoint emerged as the IVA clear market leader.

Turnaround leads to strong recovery in profitability allowing the company to reduce gearing and reintroduce dividends.

In line with its strategy to diversify earnings, Fairpoint acquires Moneyextra.com in July 2010.

As the debt management plan market consolidates, Fairpoint doubles its market share through a series of acquisitions.