Hull-based debt collection firm Wescot acquired in multi-million pound deal
Westcot are based in Jarratt Street
By Hull Daily Mail | Posted: 28 Aug 2017
A Hull-headquartered debt collection agency has been acquired by an international credit management services company in a multi-million pound deal.
Wescot has been bought for an undisclosed fee by UK leading company Cabot Credit Management.
The Jarratt Street operator claims to be the largest debt services provider in the UK banking sector.
While the financial value of the deal has not been revealed, this is the second acquisition this year in the UK for Cabot, following its investment in Orbit Services.
In total, Cabot has invested more than £100m in the acquisition of both Orbit and Westcot, which is authorised by the Financial Conduct Authority.
Wescot is consistently in the top ranks of debt collection agency panels of a large range of financial services and corporate clients in utility, telecoms and retail finance.
The company services more than £7bn in debt each year and opened their Hull office in 1989.
The deal is subject to regulatory approval and is expected to close within three months.
Paul Jenkins, chief executive of Wescot, said the deal will allow the firm, which has offices in the city, Glasgow and Saltcoats, North Ayrshire, to strengthen relationships with clients.
“Now is a good time for us to be joining forces with Cabot,” he said. “Since FCA approval, Wescot has received unprecedented demand for its high quality outsourcing solutions.
“This deal will allow us to strengthen and deepen relationships with financial services clients, offering them best in class products across their needs.”
Cabot Credit Management, based in West Malling, Kent, is a subsidiary of Nasdaq-listed specialty finance company Encore Capital Group.
Ken Stannard, chief executive of Cabot, said: "We are delighted to partner with Wescot who shares our ethical values and commitment to high customer service standards.
“This acquisition will allow us to further diversify our product range, reach a wider client base and better meet our clients’ evolving needs.
“It will create an enlarged group with an improved quality of earnings as we look to take the business to the next level.”