Debt purchaser, Motormile Finance UK (MMF) has announced that it will now be known as Lantern going forward.

Since 2008, MMF have purchased more than 2 million accounts with a notional value of over £1bn. In 2015, the company underwent a significant transformation as a result of regulatory changes in the sector, which includes the implementation of more rigorous internal processes and a focusing of strategic direction.

The rebranding exercise follows the investment made by Copper Street One – a company backed by the investment firm Copper Street Capital LLP – which strengthened the company’s balance sheet and gave MMF greater capacity to acquire portfolios.

Denise Crossley, CEO of the company since October 2014, explained the significance of the rebranding exercise and decision to change the company’s name to Lantern “I’m delighted that our name and wider brand has finally caught up with the changes we’ve been making over the past few years. I’m proud that we have chosen a name that reminds us of the high standards we set ourselves – to go beyond mere compliance for lenders and to genuinely care for each customer. We have a renewed sense of purpose and excitement about what the future holds.”

Part of the rebrand has been the creation of ‘The Lantern Promise’, a five-part pledge that serves as both a reminder to staff and a public promise to customers that Lantern will take seriously its commitment to place customers at the heart of the rebranded company.