Derry financial services firm to create 60 jobs

A Londonderry-based licensed insolvency practice is to invest around £1.3 million in a new company that is already providing financial services to clients in Great Britain and Northern Ireland.

The new firm, Insolvency Services (UK) Limited - formed by McCambridge Duffy – will create 60 jobs and provide a new debt management service in the development of Individual Voluntary Arrangements (IVAs) for other insolvency practices in Great Britain. An IVA offers the individual an alternative to bankruptcy.

Outlining the investment McCambridge Duffy Chief Executive, Colm Duffy, said: “In the Derry area whilst we’ve been losing manufacturing jobs we have a very highly educated work pool from which we intend to draw.

“The new company carries forward the experience and expertise that we’ve gained in the provision of IVAs over the past six years. Official figures, just released, show bankruptcies are at a record high with over 10,000 in the first three months of this year.

“Our market standing has led to regular approaches from other insolvency companies in the insolvency field for guidance in the production of IVAs for their clients, and has encouraged us to now provide this expertise on a more formal basis from our existing location in Derry.”

The new company, which already employs 20 people, is being provided additional financial support by Invest NI.

(MB/SP)