Fairpoint completes acquisition of Debt Line Topco

11th Aug 2014 12:01

Professional services supplier Fairpoint Group has bought Debt Line Topco, the group announced on Monday.Fairpoint will pay £3m for the Bournemouth-based debt provider, the group said in a statement.In the financial year ended 31 March, Debt Line's pre-tax profit before non-recurring items, was £900,000, while the group had revenues of £5.1m and gross assets of £6.4m.The group said the deal brought its cases under management to almost 29,000 from 15,688 at the start of this year."We are pleased to have completed the acquisition of Debt Line, which represents further progress in line with the group's consolidation strategy in the debt market," said Fairpoint chief executive Chris Moat.Fairpoint's shares were down 0.61% to 131.20p at 11:44 on Monday.DC