Here is my “League Table” for IVA firms in 2016, showing all firms that registered more than 250 IVAs in the first six months of 2016. The figures were supplied by the Insolvency Service to Louise Yates.
The 2012-15 figures were full year figures and I used a cut-off for the table of “over 500” cases a year. As the 2016 figures are for half a year, I have halved the cut-off to “over 250”. The 2015 league table was discussed here.
Although I would have preferred to have a full years figures (and I will update this table if I do get them), doubling the last six months numbers may well give a more accurate impression of who is doing how much business at the moment.
The up/down column shows how firms have moved up or down the table compared to their position last year. “0” shows no change, “~” shows the firm was not in last year’s table.
|3||Harrington Brooks (One Advice)||5,655||7,587||9,583||8,800||2,366||-2|
|5||Aperture (Grant Thornton)||6,346||4,015||2,900||2,009||1,123||0|
Are these figures accurate?
They are the Insolvency Service figures. Joint / interlocking IVAs are counted as two, not one. There seem to have been oddities in the past (regarding re-registrations and also when an IP either moves between two firms or works for more than one firm.) Several firms confirmed to me last year and the year before that their figures appeared about right. The broad market shares look roughly in line with the TDX graph here.
On this basis I am happy that the table order is probably about right. If any firms think their data figures look very wrong, please contact me.
There has been a huge increase in market concentration – the largest firms are doing a much bigger percentage of the business:
- last year there were 18 firms doing more than 500 IVAs in a year, now there are only 11 firms doing the equivalent (more than 250 IVAs in six months);
- last year the largest firm had under 20% of the market; this year Creditfix has more than 30%.
The mid-sized firms may be the main losers from this. Last year there were eight firms doing between 500 and a 1000 cases a year; now there are only two doing the equivalent level of business.
Much of the current new business going through may be clients switching to an IVA after their commercial DMP firm closes, or being advised by their DMP firm that an IVA would be more suitable. This boost to numbers will presumably dry up by this time next year, so I wonder what the overall market will look like at that point?