Around 60 jobs are to be created in Derry as record levels of bankruptcy across the UK has boosted the work of insolvency practice McCambridge Duffy.
The Derry-based firm is investing £1.3 million in a new company providing financial services to clients in both Britain and Northern Ireland. The investment, supported by Invest NI, will provide the new jobs over three years.The new company, Insolvency Service [UK] Ltd, provides a new debt management service in the development of Individual Voluntary Arrangements [IVAs] for other insolvency practices in the UK. An IVA offers an alternative to bankruptcy.McCambridge Duffy is now one of the leading providers of debt counselling and insolvency services to individuals in the UK.McCambridge Duffy chief executive 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."He said the new company would carry forward the experience and expertise McCambridge and Duffy had gained in the provision of IVAs over the past six years.He pointed out that latest official figures showed bankruptcies were at a record high with over 10,000 in the first three months of the 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," said Mr Duffy.Invest NI chairman, Professor Fabian Monds welcomed the investment and said: "McCambridge Duffy has identified and moved quickly to exploit a niche in the market for an expert financial service that will further strengthen its position and provide additional employment in Derry for skilled people."SDLP leader Mark Durkan welcomed the news and paid tribute to the firm. "McCambridge Duffy are to be congratulated for their initiative as well as their investment."This is a very positive announcement that bodes well for Derry and proves that we have a local workforce that can compete with anywhere for well-paid, highly skilled jobs," the Westminster MP said.PA