One of the UK’s best-known and largest debt management and IVA specialists has recently announced its acquisition of Scottish debt specialists AFS Ltd, to the tune of £1.6 million.

The deal, which took place early this week, is reported to have been partially funded through the issuing of new shares with additional funds raised through existing stock. The move will strengthen the company’s presence in Scotland giving them a greater share of the lucrative Trust Deed market (Scottish IVA equivalent).

The company has also announced that the number of completed IVA arrangements for Q3 is up by almost 18%, and that they are confident of meeting quarterly projections, in spite of media condemnation and consumer group criticism towards the industry as a whole.

A number of publicly traded IVA companies have suffered recently at the hands of sliding share values. However, the number of people entering into IVA’s further increased throughout April. The industry has been heavily scrutinised by professional and consumer bodies with regards to how the procedure is orchestrated, with many calling for the introduction of new industry guidelines to abide by.