Debt purchaser, Lantern have announced that they have appointed a new Chief Finance Officer (CFO) Andrew Kirk alongside an additional Exec appointment of Chief Technical Officer CTO) Andy McCleod, both of whom join the Lantern team to help deliver our strategy and vision, following the retirement of Trevor Howe. Kirk is a Law graduate, a…

Tesco Personal Finance (Tesco Bank) has confirmed the sale of its mortgage portfolio to Lloyds Banking Group for a cash consideration of c. £3.8 billion. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c.£3.7 billion and generated pre-tax profits of £9.1m in the 2018/19 financial year. As part…

Bank of Ireland has sold a block of €250 million non-performing loans (NPL) to US fund Cerberus Capital Managemen at 40% discount to face value. The bank will collect a net interest of about €3 million annually from the loans, which it will no longer receive after it sells on the portfolio. The deal will,…

European credit management services specialist Lowell has announced another positive quarter in its latest results for the period 1 April to 30 June 2019,The company says it has a strong pipeline across all regions with £166 million capital deployed on portfolio acquisitions in H1 2019 Colin Storrar, Group CEO, said ”I am really pleased to…

The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has successfully passed the first important stage on its journey to become the foremost provider for apprenticeships in the collections and compliance space. An OFSTED report has praised the CSA’s apprenticeship programmes and how they are successfully contributing to…

Debt purchase and credit services specialist Cabot Credit Management has announced its latest company results which saw its earnings before interest, tax, depreciation and amortisation (EBITDA) margin improved to 66% Commenting on the results Ken Stannard, Chief Executive Officer, Cabot Credit Management, said “Cabot has delivered another strong set of results for the period to…

Debt purchase and management specialist, Arrow Global, has reported a more than 200% increase in half-year profits. Pre-tax profits for the six months to June 30, were £32.5m, compared with £10.7m last year. Total income of £177.7m was up from £166.9m, while core collections of £202.1m showed a 13.5% increase from £178m. During the six…

Invenio Financial the debt purchasing subsidiary of Phillips & Cohen Associates (PCA) has announced that it has appointed a senior debt purchase executive. Alexander Holzgreve joins as Head of Acquisitions Europe to lead European growth for the group. Holzgreve, an innovative industry leader, brings with him over 20 years’ experience across multiple countries and credit…

Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance. The acquisition is part of Jaja’s…

Cabot Credit Management has announced that it is working closely with The Domestic and Economic Abuse Project (DEAP) set up by Money Advice Plus and Surviving Economic Abuse charities, to strengthen its understanding of its customers who are victims of domestic and economic abuse. DEAP aims to build the capacity of organisations that are in…

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