Debt Purchaser, Cabot Credit Management has entered into an agreement to acquire FCA-authorised Wescot, a leading UK contingency debt collection and business process outsourcing (BPO) services business.
The acquisition is Cabot’s second this year, in the UK following the investment in Orbit Services, a specialist in the public utilities debt servicing market. In total Cabot has invested in excess of £100m in the acquisitions of both Wescot and Orbit which have added in excess of £200m per annum in contingency collections plus significant BPO collections to the group.
Headquartered in Hull, Wescot is the largest debt services provider for the UK retail banking sector and is consistently in the top ranks of debt collection agency (DCA) panels of a large range of financial services and corporate clients in utility, telecoms and retail finance.
The deal is subject to regulatory approval and is expected to close within three months.
Ken Stannard, CEO, Cabot Credit Management, said “We are delighted to partner with Wescot who shares our ethical values and commitment to high customer service standards. This acquisition will allow us to further diversify our product range, reach a wider client base and better meet our clients’ evolving needs. It will create an enlarged group with an improved quality of earnings as we look to take the business to the next level.”
Paul Jenkins, CEO, Wescot, said “Now is a good time for us to be joining forces with Cabot. Since FCA approval, Wescot has received unprecedented demand for its high quality outsourcing solutions. This deal will allow us to strengthen and deepen relationships with financial services clients, offering them best in class products across their needs.”