Here is the League Table for IVA firms last year, showing all firms that registered more than 500 IVAs in 2016. The data comes from the Insolvency Service, it was supplied to Louise Yates.
I previously published a half-year table for 2016 – this article replaces that one now the information for the full year is available.
The previous statistics for 2015 were discussed here.
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 these 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. I have spoken to a couple of firms who think their total is right to within 10%. 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.
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.
A market that is changing fast
There has been a huge increase in market concentration – 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. Last year there were eight firms doing between 500 and a 1000 cases a year; now there are only two doing this level of business.