BusinessBusiness RecoveryIVA boss Mond places acquired rival into administration

IVA boss Mond places acquired rival into administration

Cleardebt owner David Mond acquires Relax Group, then places it into administration days later

Cleardebt chief executive David Mond has appointed administrators to his
recently acquired rival IVA firm
Relax
Group
.

Jonathan Elman Avery-Gee
of Kay Johnson
Gee
has been appointed administrator to AIM-listed Relax, which has
operated under names such as Debtcare and Synergi.

Its shares were suspended on 6 October pending clarification of its financial
position.

Mond denied to the
Daily
Telegraph
that he had bought the business only to place it
into administration, saying that its insolvency was imminent as the company had
been in financial difficulty for some time.

He had bought the company’s debt from Barclays several days earlier.

Further reading:

View
the
Telegraph’s
story

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