Credit, Collections & Insolvency News
Extra Energy has received the lowest score of Citizens Advice’s star rating system for energy suppliers for the second time – with a lower overall score. The company received 2.05 stars, lower than the 2.5 stars it received for the period between October and December 2016. The firm has previously received record low scores for…
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Lowell, a provider of credit management services, specialising in debt recovery, data analytics and consumer insight, announced today that its UK operating businesses – Lowell Portfolio 1 Ltd; Lowell Financial Ltd and Fredrickson International Limited – have been granted full Financial Conduct Authority (FCA) authorisation. James Cornell, Group Chief Executive, said: “We are delighted that…
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Callcredit Information Group has acquired the Spanish Confirma group of companies, comprising Confirma Sistemas and Soluciones Confirma, which specialise in fraud prevention and anti-money laundering (AML) software solutions. The acquisition, sees Callcredit take a majority shareholding in the Madrid- headquartered business. Callcredit entered the Spanish market in 2015 and has been developing its business and…
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Home Catalogue Specialist N Brown has announced that it will be closing up to five Simply Be and Jacamo dual-fascia stores. This decision takes into account weak high-street footfall, both current and predicted, together with significant future business rate increases for some stores. Together, these five stores contributed £5million revenue but accounted for the entire £2million…
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Quint Group has reported a record year of growth with a 64 per cent increase in revenue to almost £32m by March 2017. Quint saw its turnover rise from £19.5m to £31.9m in 2016/17, along with an increase in underlying profits of over 250 per cent from £1.6m to £5.9m. Growth has been driven by…
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Private Equity Investor Endless LLP has acquired PRAC Financial Limited (“PRAC”) from its private owners. PRAC is a niche debt purchasing business, specialising in acquiring regulated and non-regulated, consumer and commercial debt portfolios. Endless investment has supported PRAC with the purchase of two consumer debt portfolios to date. For both of these acquisitions, PRAC has…
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John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018. Griffith-Jones commented “I committed to a five year fixed term to chair the FCA and, in so doing, to help…
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Alternative secured specialist lender Borro, has announced that Chief Executive Officer and Founder Paul Aitken is to leave the company. Aitken, who founded the company in 2008, led Aitken, who founded the company in 2008, led Borro through its early growth stages online, expansion into the American market, and the launch of property lending in…
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Selwyn Cooper has been appointed Head of Financial Services of Volvo Car UK. The new role will see Cooper heading up the Volvo Car Financial Services division, with responsibility for the management and delivery of the expanding range of finance and insurance products offered by Volvo in the UK. Cooper has worked at Volvo for…
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Plough & Share Credit Union has closed after it was revealed it was in default and could not repay deposits to its 2,550 members. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Credit Union. The FSCS will compensate the vast majority of members within seven days. The scheme will use…
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The Money Advice Liaison Group (MALG) is celebrating its 30th anniversary. MALG was established in 1987 as a forum for shared best practice and communication in the debt and money advice sector in the UK. MALG has recently re-branded, re-launched and introduced a new membership structure aimed at widening participation across the advice, credit, collection, enforcement,…
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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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The European Commission has approved the combination of Intrum Justitia and Lindorff. The Commission’s decision is conditional upon the divestment of Lindorff’s business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway (see press release dated May 18, 2017 for more information). The combined company will, through its scale and…
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