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Profits up for debt specialist
LEEDS-based debt purchasing specialist Lowell Group has reported an increase in profit and turnover over the last 12 months.
In the financial year ended August 31, the group exceeded its financial targets with earnings before interest, tax, depreciation and amortisation (EBITDA) of 20.6m, up 53.7 per cent from 13.4m the previous year.
Collections turnover increased 48.4 per cent from 50.8m to 75.5m.
As a debt purchaser, Lowell Group buys portfolios of non-performing consumer debts from a range of major blue-chip organisations and then manages the recovery of those debts, offering repayment solutions appropriate to consumer's circumstances. Over the last 12 months Lowell has been successful in acquiring several new portfolios, including a number from new debt sale clients.
The number of consumer accounts managed by Lowell has increased from two million to 3.7 million while the face value of the accounts has risen from 2.3bn to 4bn.
Growth
In March, Lowell Group was publicly recognised as one of the fastest growing businesses in the UK when it was named VC-backed Business of the Year in the Fast Growth Business Awards 2008.
In April, Lowell's senior management teamed up with an independent investment company to acquire the business from original backers Cabot Square Capital for an undisclosed figure.
Chief executive officer, James Cornell, said: "Overall this has been a fantastic year, especially considering the distraction of the sale and acquisition process which took a large proportion of senior management's time.
"Our continued success is underpinned by ongoing investment in market-leading information systems; a highly automated and efficient operating platform; and, not least, a talented and committed workforce."
He continued: "The human aspect is paramount. We work closely with all our debt sale clients, openly sharing information on pricing and collections performance.
"Also, throughout the collections process we are committed to treating account holders fairly and sympathetically. Next year there is going to be further investment in the operational platform, taking the business to another level again.
"This includes further automation; further ways to improve collection strategies through the intelligent use of data, plus further investment into even tighter quality controls to ensure the customer is dealt with both efficiently and fairly."
Loans
The Lowell Group includes Lowell Portfolio and Lowell Financial.
Lowell Portfolio purchases consumer debt and non performing loan portfolios from UK banks and finance houses. Lowell Financial undertakes the management of the accounts through to recovery.
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