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Cabot Credit Management purchases dlc PDF Print E-mail
Thursday, 04 June 2015

Cabot Credit Management (CCM), a leading acquirer and manager of consumer debt, has agreed to acquire Hillesden Securities Ltd, trading as dlc from its parent company Faccenda Investments. dlc is a U.K. based acquirer and collector of non-performing unsecured consumer debt, and represents a significant portfolio purchase for CCM.

dlc at a glance:

•    £3.3b face value of portfolios purchased across 188 portfolios and 1m customer accounts
•    £245m 10 year Estimated Remaining Collections as at 31 December 2014, before CCM scorecard uplifts
•    20 years of UK debt purchase experience
•    £3,562 average account balance
•    300 employees located in Brackley
•    No external debt

The acquisition will be financed largely though existing cash facilities plus a senior secured bridge.

dlc has been purchasing portfolios since 1994 and is the oldest debt purchaser in the UK with a proven track record in both financial and non-financial services assets. The substantial backbook of dlc will enhance and strengthen CCM’s data set. The application of CCM’s non-pay scorecard and experience in these markets will enable an improved liquidation across the business.  dlc has a small but growing Business Process Outsourcing (BPO) platform which CCM will look to grow.

Ken Stannard, CEO, Cabot Credit Management, said: “This purchase of dlc and its portfolios is a natural part of the ongoing consolidation in the UK debt purchase market, and takes Cabot’s 120 month ERC closer to £2 billion. The purchase of dlc’s portfolio represents an opportunity to bring on board a large number of portfolios in a single purchase, as well as adding exciting new BPO capabilities. We see substantial uplift opportunity to dlc’s ERC through leveraging CCM’s enhanced non-pay strategies and scorecards. We look forward to welcoming the dlc management team and employees to the CCM group.”

Robin Faccenda, Chairman of Faccenda Investments, said: “We believe this is a very positive step for dlc, in a sector where scale is essential. We recognised the need to identify a new owner that can leverage dlc’s established expertise, and develop the business further and are confident we have found that business in CCM.”

(Source  - CCM Press Release)  

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