Accuma Goes Into Administration

Debt management company Accuma has collapsed into administration with Leonard Cuts getting the appointment.

A spokesman for Leonard Curtis said that John Titley and Andrew Poxon, partners at Leonard Curtis, are now handling the administration of the self-styled debt solver. Accuma’s sister company, Wilson Phillips, which offers IVAs is also believed to have fallen into insolvency,

Accuma Group was founded in 2003 as an IVA specialist during the boom times of debt management and floated on the London Stock Exchange in 2005. Since then it has seen its fair share of financial struggles, closing down its loan broking business in 2008 and announcing full year losses of £7.49m in May 2009.

The group eventually exited the IVA market last year after selling its IVA business to accountancy firm Grant Thornton for £5.6m. Accuma said at the time of sale that the level of new IVA cases had fallen dramatically below the numbers achieved in prior periods, partly due to the general market conditions affecting the numbers of IVAs approved by lenders and partly due to the streamlining of the division. 

In 2005 founder Charles Howson and private equity firm Zeus Group delisted Accuma Group in a £5m deal. Following the collapse of Accuma, Howson is now left with just one business, debt management services provider Byrom & Keeley.

Posted at 09:00AM Apr 25, 2010 by Marc Stenton in Insolvency  |  Comments[0]