Here are three League Tables for IVA firms, showing all firms that registered more than 500 IVAs in 2014, 2015 and 2016.
This article is a complication of three previous articles. The comments on each year’s figures were the comments I made at the time.
The data came from the Insolvency Service, it was supplied to Louise Yates. As some of the notes to the League Tables and the comments below show, there seemed to be some problems and discrepancies with the data.
Now the Insolvency Service has started publishing its own figures (2017 & 2018) I have stopped compiling the League Tables here. The published IS data is not directly comparable to the tables here, see the notes below on the 2016 figures.
2016 IVA league table
The up/down column shows how firms have moved up or down the table compared to their position in 2015. “0” shows no change, “~” shows the firm was not in last year’s table.
Are the 2016 figures accurate?
They are Insolvency Service figures. I have added together lines where different names have been used for the same firm – sometimes different legal entities, sometimes these appear to have just been typos. Joint/interlocking IVAs are counted as two, not one. There have been oddities in previous year’s data regarding re-registrations and also when an IP either moves between two firms or works for more than one firm.
Note that the table has some significant differences from the one published by the Insolvency Service in January, see Individual Voluntary Arrangements: Outcome Status and Provider Breakdown page 7. As far as I am aware, these differences have occurred where an IP takes cases from more than one firm. My table above is based on the firm who set up the IVA. The table in the IS report is based on the way the IS allocates an IP to a firm.
IVAs in 2016 – a fast-changing market
There has been a huge increase in market concentration in 2016 – the largest firms are doing a much bigger percentage of the business:
- in 2015 there were 18 firms doing more than 500 IVAs in a year, now there are only 12 firms;
- in 2015 the largest firm had about 20% of the market; in 2016 Creditfix has more than 38%; and
- the monthly breakdown shows that this concentration increases further during 2016 – in the last 6 months of the year Creditfix had about 45% of the market
- the mid-sized firms may be the main losers from this. in 2015 there were eight firms doing 500-1000 cases a year; in 2016 there are only two doing this level of business.
Here is the “League Table” for IVA firms in 2015, showing all firms that registered more than 500 IVAs in the year to end July 2015. This includes new IVAs and IVAs that have been re-registered by a firm if they have taken over a book of existing IVAs. Joint/interlocking IVAs are counted as two, not one.
2015 IVA league table
The up/down column shows how firms have moved up or down the table compared to their position last year – as you can see there was no change for the largest three firms. The “% change” shows the increase or decrease over the previous year.
|1||One Advice (Harrington Brooks) ||3,304||5,655||7,587||9,583||8,800||0||-8%|
|2||Knightsbridge Insolvency (Money Advice Group)||431||489||1,861||6,156||5,805||0||-6%|
|5||Grant Thornton UK||7,206||6,346||4,015||2,900||2,009||+1||-31%|
|6||Debt Free Direct||5,284||3,646||4,423||2,950||1,841||-1||-38%|
|7||Sandra Marshall & Associates||285||227||111||807||1,566||+5||+94%|
|9||StepChange Voluntary Arrangements||1,182||1,124||1,247||1,303||1,369||+2||+5%|
|11||Freeman Jones (Gregory Pennington)||5,396||5,466||4,642||3,208||788||-7||-75%|
|14||Bennett Jones ||754||–||–|
|17||Mitchell Farrar (Debt Advisory Line)||826||1,125||986||1,179||584||-5||-50%|
|18||Unity Corporation ||211||580||–||175%|
- The data for “2015” runs from August 2014- July 2015.
- The data for all the previous years runs from September, so “2014” is Sept 2013-August 2014.
- For One Advice. the numbers for 2014 and 2015 are the number of new IVAs registered during the periods. I have substituted these – as I did last year – because One Advice say the figures from the Insolvency Service are wrong and a considerable over-estimate.
- The Payplan line includes the numbers the Insolvency Service gave for Payplan Partnership, Payplan Bespoke Solutions and (in 2015) Harrisons Grantham.
- Two firms joined the “over 500” group: Bennett Jones and Unity Corporation – I’ve omitted their previous years figures where they were small or zero.
To provide a very rough yardstick to assess how a firm has done, the total number of new IVAs registered in the year ending end June 2015 was about 16% lower than the number in the year ending 2014. This is only rough because the dates aren’t quite the same and the League Table also shows re-registrations.
2014 IVA league table
The following league table shows how dramatically the “top IVA firms” have changed since 2010. All firms who have registered more than 500 IVAs in 2014 are included, sorted by the last year’s figures.
|One Advice (Harrington Brooks)||2,169||3,304||5,655||7,587||9,583 #|
|Knightsbridge Insolvency (Money Advice Group)||0||431||489||1,861||6,156|
|Payplan Partnership & Bespoke Solutions||5,716||6,210||7,982||6,386||5,263|
|Freeman Jones (Gregory Pennington)||4,439||5,396||5,466||4,642||3,208|
|Debt Free Direct||7,945||5,284||3,646||4,423||2,950|
|Grant Thornton UK||9,540||7,206||6,346||4,015||2,900|
|Kingsgate Insolvency (Churchwood)||3,548||1,332||2,697||1,835||1,876|
|StepChange Voluntary Arrangements||1,006||1,182||1,124||1,247||1,303|
|Mitchell Farrar (Debt Advisory Line)||824||826||1,125||986||1,179|
|Sandra Marshall & Associates||204||285||227||111||807|
1) the figures come from Freedom of Information requests to the Insolvency Service except the one marked # see below
2) the data years run from September to August, so “2014” is Sept 2013-August 2014
3) interlocking (“joint”) IVAs for a couple are recorded as 2 IVAs
4) the 2 Payplan IVA companies have been summed into one row
What are the figures and are they accurate?
These Insolvency Service figures used to be circulated by RSM Tenon. They include not just “new” IVA cases but also some “re-registrations” e,g, when a book is transferred to a different firm.
The IS file for 13/14 had the figure of 20,223 for One Advice. I am informed by One Advice that this is wrong and a considerable over-estimate. The IS originally supplied the data to Louise Yates – she has had discussion with them about the accuracy of the figures.
It seems that because of complications to do with the way firms report to the IS and the IS records this, there can be some double-counting of records for re-registrations. I have therefore substituted One Advice’s own figure for the number of new cases during that period.
Several firms have confirmed that their 2014 figures look about right.
NB There are no problems with the IS’s normal published statistics. The complications here arise because the data is being reported at firm level.