Lantern to acquire Sonex Financial

Based in the Welsh town of Llanelli, Sonex is an operator that specialises in working with vulnerable customers. Its clients include several of the big six energy companies in the UK, to which it provides vulnerable customer-focused engagement and management services. 

The move from debt management firm Lantern is designed to strengthen its reputation for working with vulnerable customers, while also expanding its market footprint into the utilities sector. 

Following the acquisition, which is subject to final approval by the Financial Conduct Authority, Sonex’s existing management team will remain in place, with the company’s co-founder and director Stefan Russell moving to the position of managing director and reporting into Lantern’s chief executive Denise Crossley. 

Commenting on the acquisition of Sonex, Crossley said: “We’ve long admired Sonex’s capabilities, particularly its track record working in the utilities sector. I’m excited to welcome Stefan and his team into the Lantern family and look forward to seeing the impact of their work on our continued growth. 

“Our industry has long talked about vulnerable customers, but I’ve always believed it’s more appropriate to talk about customers in vulnerable circumstances, be that a window cleaner who breaks their leg and takes time off work, or a family which suddenly faces a change in income or health.”  

Russell added: “We are delighted to announce the acquisition of Sonex by the Lantern group. Both Denise and I have a shared vision on the treatment of vulnerable customers and the synergies between both companies meant Lantern and Sonex was an ideal partnership. 

“This acquisition will support Sonex in meeting the demands of our existing clients as well as open avenues into new sectors. Similarly, I believe Sonex will bring significant energy sector experience to the Lantern portfolio.”