MoneyPlus Appoints Commercial Director

UK-based debt management company MoneyPlus Group has appointed Richard Elgott as commercial director. The company is backed by Palatine Private Equity.

PRESS RELEASE

Debt management company MoneyPlus Group (MPG), backed by Palatine Private Equity, has appointed Richard Elgott as Commercial Director.

Elgott has spent the past seven years working in professional services, most recently at Deloitte and, prior to that, KPMG. He is an accountant by profession and has worked in corporate finance and transaction services providing specialist operational advice on strategy, integration and disposals.

Elgott has significant experience across a range of industry sectors including telecoms, oil and gas, consumer goods and energy. He has also worked with financial services clients including HSBC, Royal Bank of Scotland, ING and Virgin Money. Prior to that he worked in industry in roles for Virgin Media and Littlewoods Pools.
MPG offers a range of services to improve consumers’ financial situations, including debt management plans and Individual Voluntary Arrangements. It is also extending its offering into other areas, such as insurance and legal services, under the MoneyPlusbrand.
Palatine originally backed the management buyout of MPG in June 2011. Since then MPG has completed sixacquisitions and employs more than 190 people at its offices in Manchester city centre.
Chris Davis, Chief Executive Officer at MoneyPlus Group, said: “I am delighted that Richard has decided to join MoneyPlus. This senior appointment underlines our commitment to the future growth of the company. Richard brings with him a wealth of experience and expertise in the financial services sector which will be put to good use by way of our continued expansion in the debt advice sector and in other financial areas in general.”

Richard Elgott, Commercial Director at MoneyPlus Group, said: “I am delighted to have joined MoneyPlus Group and look forward to working with Chris and his team to deliver against the growth strategy and desire to create an industry leading organisation, both in terms of the range of services we offer and the way in which we provide a quality service to our consumers.”

ENDS

Press contact: Chris Hopper / Liam Buckley @ MC2 (0161 236 1352)

Notes to editors

About Palatine Private Equity:
Palatine Private Equity (“Palatine”) was originally known as Zeus Private Equity before rebranding in January 2011. The firm was formed in 2005 by Gary Tipper, Ed Fazakerley and Tony Dickin and closed its maiden fund in December 2007 at £100m.

From offices in Manchester, London and Bristol, Palatine seeks to invest in established UK companies with enterprise values of up to £50m. The investment team looks at opportunities and provides funding for MBOs, buy and build strategies, acquisition finance, equity release and restructuring. Palatine completed its first successful exit in September 2010, generating a 4.5x return with the secondary buyout of telecommunications provider XLN Telecom, after three consecutive years of profit growth. Palatine’s portfolio currently comprises:

– Hallmark Hotels: a UK regional 4* hotel chain (Buy and build)
– MJ Quinn: an infrastructure services business providing electrical, mechanical and fire protection services to the London Underground and rail sector (Buyout)
– Electranet: a specialist networking services supplier, primarily to public sector organisations (Buyout)
– MoneyPlus Group: a provider of consumer financial services including Debt Management Plans, IVAs and other financial solutions (Buy and build)
– Wealth at Work: a provider of financial education and employee wealth management services in the workplace (Buy andbuild)
– Selection Services: a provider of IT services, delivering a broad array of managed services, hosting and cloud solutions along with bespoke projects and strategic advice (Buy and Build)
– Chase Templeton: a the leading private medical insurance intermediary (Buy and Build)
– Playnation: the leading supplier of amusement and entertainment machines and supplies to holiday parks, motorway services, bowling centres and airports (Buyout)

Liam Buckley

0161 236 1352 liamb@mcmc.co.uk