Credit, Collections & Insolvency News
The Credit Services Association (CSA) has confirmed the appointment of its new Board and their respective Portfolios. Adam Wonnacott has been appointed to the new Portfolio of Sales/Services to Members, with a particular focus on developing non-membership revenue streams. Stuart Sykes takes responsibility for another new Portfolio, Technology, while Leigh Berkley, the past-President, takes on…
Read moreNordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, notified the European Commission of the intended combination of Intrum Justitia and Lindorff. Based on its initial investigation, the European Commission has informed the parties of potential competition concerns in five Nordic/Baltic markets, relating to both debt collection and debt purchasing in each market.…
Read more
The Credit Services Association (CSA) has appointed Ruth Greaves as its new Head of Sales and Business Development. Greaves primary role will be to further drive membership while also working with members and the wider industry on the Association’s learning and development initiatives. Ruth will promote the extensive portfolio offered by the CSA including the…
Read more
Lindorff has signed an agreement to acquire Italian Debt Collection Agency (DCA) Gextra. Gextra is a specialised player in small debt collection services. It is controlled by doBank through Italfondiario. Gextra is a management consulting and outsourcing services company serving the credit management services industry in Italy. Gextra manages credit recovery activities through a network…
Read more
New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same month…
Read more
PayPlan is urging for more to be done to end the stigma surrounding financial difficulties. The call comes as part of Mental Health Awareness Week which is taking place between the 8th and 14th of May. According to a national survey of 9,000 of its customers, PayPlan found that a staggering 91 per cent experience stress as…
Read more
Arrow Global Group has announced its results for the three months ended 31 March 2017. Commenting on the results, Lee Rochford, Group chief executive officer of Arrow Global, said: “In Q1 Arrow Global delivered another impressive quarter of profitable growth. Revenues grew 45% and underlying profit after tax was up 37%. “It was a strong start to…
Read more
Lindorff Group has announced it’s Quarter 1 results. Net revenue in the quarter was EUR 179m, an increase of 33 per cent compared to the same quarter last year and EBITDA excluding non-recurring items was up 38 percent. The growth this quarter was driven mainly by the Debt Collection business following the acquisition of Aktua, the…
Read more
Arrow Global has completed its £14 million acquisition of Italian business Zenith Service S.p.A, having received regulatory approval from the Bank of Italy. Zenith is also a leading servicer of salary assignment loans , managing about €1.9 billion of CQS assets. In June 2016, the estimated stock of the securitized market for CQS in Italy…
Read more
Cabot Credit Management (CCM) has appointed Phil McGilvray as its Operational and Digital Development Director – Debt Purchase. McGilvray, who joins after 19 years in various roles at American Express more latterly as General Manager and Vice President, International Cards, will be responsible for overseeing CCM’s debt purchase business’s digital strategy. This will include the…
Read more
Skipton Building Society has announced the sale of its Amber Homeloans Limited and North Yorkshire Limited mortgage portfolio to an affiliate of a fund managed by a global investment management firm. The portfolio is estimated be worth £220 million and consists of 1,600 UK mortgages The transaction is due to complete by the end of Apri.…
Read more
Lowell GFKL Group, a European leader in credit management services, recorded strong results for its full year ended 31 December 2016, with a 20% increase in Group Cash EBITDA to £254m showing the continuing benefits of the combined business. Publishing the results today it has also announced that, following the successful merger of the Lowell Group…
Read more
Intrum Justitia has entered into an agreement to acquire Top Factoring, one of the leading companies for purchased debt in Romania. The purchase price on a cash and debt free basis (enterprise value) is about EUR 25 million, attributable mainly to a diversified portfolio of receivables. Top Factoring has about 210 employees, primarily involved in…
Read more