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Ascent completes fifth acquisition as expansion continues PDF Print E-mail
Wednesday, 01 July 2015

Leading debt legal services business Ascent has completed the acquisition of the commercial debt recovery division of Sheffield-based specialist P&A Receivables Services as part of its on-going strategic expansion drive.

The P&A deal is the fifth acquisition by Ascent in three years and will increase its foothold in the commercial debt recovery market and add a dedicated international offering to its existing UK services.

The business will trade under the new banner of Ascent Commercial and will operate across a range of sectors providing UK and international debt recovery and litigation services, including a dedicated international team with the experience of recovering debt in more than 60 countries and 10 different languages.

Niall Gilhooley, Chief Executive of Ascent, said: “This is another important acquisition for Ascent and a sign of our continued ambition to expand.

“It brings a solid portfolio of long-standing clients and we are confident it will be a valuable addition to our debt services business which will further strengthen our position in this important market.

“This latest deal meets our strategic growth objectives and significantly improves Ascent’s footprint in the commercial debt recovery marketplace. It also enhances our international debt recovery capability.”

The deal adds P&A’s specialist International Debt Recovery Team to Ascent’s existing UK offering, bringing expertise in the collection of overdue invoices for businesses of all sizes from debtors outside of the UK.

The acquisition is the fifth by Ascent, part of leading national legal services group Irwin Mitchell, since it became an ABS (Alternative Business Structure) in 2012. In March last year, Ascent bought HL Interactive as part of a deal which saw it relocate to larger premises in Manchester and increase headcount by 60. Other acquisitions have been PDP Management Services, Elliot Davies and Fraser Gowrie Johnston Sheriff Officers.
The deal comes just eight months after Ascent parent Irwin Mitchell’s purchase of Mayfair-based Berkeley Law, which offers advice on complex financial matters for high-net worth individuals. The Group also recently announced it had opened a consulting office in Middlesbrough, adding to new offices opened in Southampton and Cambridge during 2014.

Irwin Mitchell Group Chief Executive Andrew Tucker said: “This transaction not only demonstrates the importance that we place in Ascent, it also reflects our continued investment in the expansion of the Group as a whole.
“We believe that we are in a strong position in the legal market and we are committed to ensuring that we build on this in the future.”

(Source - Ascent News Release)


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