Credit, Collections & Insolvency News
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…
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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…
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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…
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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…
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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…
Read moreBank 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…
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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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The Co-chair of the All-Party Parliamentary Group on Fair Business Banking (APPG) has called on regulators to protect consumers and small businesses by banning the sale of debt to unregulated and inactive lenders. Charlie Elphicke MP and Martin Whitfield MP co-sponsored a main chamber debate entitled ‘Mortgage Prisoners and Vulture Funds’ which acknowledged that the…
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Debt Purchaser, Cabot Credit Management has announced that its 100% indirectly owned subsidiary Cabot Financial (Luxembourg) II S.A. had priced an offering of €400 million aggregate principal amount of Senior Secured Floating Rate Notes due 2024 with a coupon of 6.375% plus three-month EURIBOR (subject to a 0% floor), reset quarterly, in a private placement…
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UK Asset Resolution (UKAR) has announced that it has now repaid its £48.7 billion taxpayer loan. The loan was not expected to be repaid until the mid-2020s but has been able to do so more quickly by selling off packages of loans to private equity buyers. UKAR which incorporates Bradford & Bingley was created in October…
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Intrum has announced that has reached an agreement with Piraeus Bank to acquire it’s Recovery Management Services platform; Recovery Banking Unit. The Unit will be hived-down into a separate legal entity, valued at €410m, which will be fully consolidated by Intrum. Intrum will acquire 80 per cent of the shares in the new company corresponding…
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An independent report says urgent action is required by all energy companies, regulators and government as well as price comparison websites (PCWs) – with support from consumer groups and charities – to better identify customers in vulnerable circumstances and improve the help and support given to them. The report by the Commission for Customers in…
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European credit management Lowell, has announced positive quarterly results, for the period 1 January to 31 March 2019, showing the strong momentum carried over from 2018 with an income increase of 9%. Colin Storrar, CFO, said “I am pleased with the start we have made to the year. These results are the natural progression of…
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