News: Debt Managers acquired
Debt Mangers Ltd, the independent collection agency with a large contact centre in Rotherham, has been acquired by Secure Trust Bank (STB), a subsidiary of the Arbuthnot Banking Group.
Debt Managers was founded in 1976 and is registered in Edinburgh but operates a contact centre at Templeborough were 76 staff collect delinquent debt on behalf of a range of clients including banks and utility companies.
AIM-listed Secure Trust Bank plc operates the retail banking facility of the 180 year old Arbuthnot Group that posted a profit before tax of £10.8m for the first half of 2012.
The deal is for an initial cash payment of £364,000 plus a deferred consideration of up to £400,000 in cash is payable by STB one year after completion subject in part to the business achieving certain income criteria.
The takeover also sees the Secure Trust Bank fund the repayment of Debt Managers' outstanding overdraft of approximately £1.7m.
The deal includes the 200 seat Rotherham facility that opened in 2007 and includes the latest collections technology, including market leading dialler capability, IVR technology and payment websites.
Nick Shepherd, the ex CEO of Close Credit Management Limited has been brought in to run the Debt Managers business.
Paul Lynam, CEO of Secure Trust Bank PLC, said: "We are pleased to welcome the staff and clients of Debt Managers into the Secure Trust Bank group. We are delighted to have recruited Nick Shepherd, ex CEO of Close Credit Management Limited, to run this long established business and to leverage the latent potential of the modern and scalable operating platform.
"We expect the new management to grow the business organically as many larger banks and finance companies deleverage and refocus. We also expect this acquisition to make a meaningful contribution to the financial results of STB over a three to five year horizon. This is consistent with our on-going strategy of growing both lending and fee based income streams within the Secure Trust Bank group."
Debt Managers website
Images: Debt Managers Ltd
Debt Managers was founded in 1976 and is registered in Edinburgh but operates a contact centre at Templeborough were 76 staff collect delinquent debt on behalf of a range of clients including banks and utility companies.
AIM-listed Secure Trust Bank plc operates the retail banking facility of the 180 year old Arbuthnot Group that posted a profit before tax of £10.8m for the first half of 2012.
The deal is for an initial cash payment of £364,000 plus a deferred consideration of up to £400,000 in cash is payable by STB one year after completion subject in part to the business achieving certain income criteria.
The takeover also sees the Secure Trust Bank fund the repayment of Debt Managers' outstanding overdraft of approximately £1.7m.
The deal includes the 200 seat Rotherham facility that opened in 2007 and includes the latest collections technology, including market leading dialler capability, IVR technology and payment websites.
Nick Shepherd, the ex CEO of Close Credit Management Limited has been brought in to run the Debt Managers business.
Paul Lynam, CEO of Secure Trust Bank PLC, said: "We are pleased to welcome the staff and clients of Debt Managers into the Secure Trust Bank group. We are delighted to have recruited Nick Shepherd, ex CEO of Close Credit Management Limited, to run this long established business and to leverage the latent potential of the modern and scalable operating platform.
"We expect the new management to grow the business organically as many larger banks and finance companies deleverage and refocus. We also expect this acquisition to make a meaningful contribution to the financial results of STB over a three to five year horizon. This is consistent with our on-going strategy of growing both lending and fee based income streams within the Secure Trust Bank group."
Debt Managers website
Images: Debt Managers Ltd
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