ClearDebt Group Plc, the AIM-quoted consumer debt advisory, IVA and debt management group, has announced the acquisition of The Debt Advice Portal for up to £146,000.

The Debt Advice Portal, a web-based system designed to allow financial intermediaries to aid the referral of cases to providers of IVAs and debt management plans, is being bought from Plinthtec by ClearDebt’s subsidiary,

ClearDebt Limited. Since the portal’s launch in June 2007, 220 financial intermediaries have signed up as members of the portal. However, the venture is yet to generate income.

ClearDebt will make an initial payment of £75,000 on completion, which will be satisfied by the issue of 3.75 million ordinary shares of 2p each. The transaction also includes a deferred element of up to £71,000, which is dependent on the portal’s future turnover and will be satisfied by the issue of up to 3.55 million ordinary shares of 2p each.

David Mond, CEO of ClearDebt, said: “This acquisition marks a positive development in the strengthening of the ClearDebt offering. While we now have a far more sophisticated product offering to indebted consumers, we have now matched this sophistication at a corporate level.”