McCambridge Duffy, the Londonderry-based licensed insolvency practice, is investing around £1.3 million with Invest Northern Ireland support, in a new company that is already providing an innovative financial service to clients in Great Britain and Northern Ireland.
The investment, which will provide around 60 new jobs in Derry over the next three years, was announced today by Colm Duffy, McCambridge Duffy chief executive, and welcomed by Professor Fabian Monds, Invest NI chairman during a visit to the company at Templemore Business Park.
The new company, Insolvency Services (UK) Limited - formed by McCambridge Duffy - provides a new debt management service in the development of Individual Voluntary Arrangements (IVAs) for other insolvency practices in Great Britain.
An IVA offers the individual an alternative to bankruptcy.
McCambridge Duffy has gained vast experience in providing a complete service from marketing, research, IVA proposal preparation, creditor approval, supervision and successful completion of IVAs. The company is now one of the leading providers of debt counselling and insolvency services to individuals in Great Britain and Northern Ireland. Over 95% of its clients are residents of either England or Wales.
Outlining the investment, Mr Duffy said: “In the Derry area whilst we’ve been losing manufacturing jobs we have a very highly educated work pool from which we intend to draw. The new company carries forward the experience and expertise that we’ve gained in the provision of IVAs over the past six years. Official figures, just released, show bankruptcies are at a record high with over 10,000 in the first three months of this year.
“Our market standing has led to regular approaches from other insolvency companies in the insolvency field for guidance in the production of IVAs for their clients, and has encouraged us to now provide this expertise on a more formal basis from our existing location in Derry,” he added.
Prof Monds said: “McCambridge Duffy has identified and moved quickly to exploit a niche in the market for an expert financial service that will further strengthen its position and provide additional employment in Derry for skilled people.
“The investment is a further boost for our drive to promote Northern Ireland as a cost-effective regional location in the United Kingdom for the financial services sector and is in line with the focus on our North West Action Plan on support for local companies adding value through export-led innovation,” he added.
The new company, which already employs 20 people, is a wholly owned subsidiary of McCambridge Duffy and is investing in automation and computerisation to achieve a high volume throughput of IVAs.