Harrington Brooks has announced on its website that it has that its Debt Management Plan (DMP) portfolio has been transferred to Gregory Pennington from HB Financial Solutions Limited (Harrington Brooks). In addition, IVA portfolios have been transferred to Freeman Jones Limited which were managed by One Advice Limited, trading as Harrington Brooks IVA.

As part of a statement on the Harrington Brooks website, the company said that “Gregory Pennington Limited will ensure that in taking over the running of your DMP, your DMP will continue to run as normal and 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 If you need to contact Gregory Pennington Limited.”

Initial speculation from on social media had suggested that Harrington Brooks has gone into administration. In addition, it has been suggested that Harrington Brooks staff have been transferred to Gregory Pennington.

It has since been confirmed that jobs have been saved  Think Money Group (Gregory Pennington) completed the acquisition of a number of personal insolvency specialists out of administration.

Daniel Smith and Daniel Butters, restructuring partners at Deloitte, were appointed 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 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”.”