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Ayrshire-based debt recovery firm BPO Collections has received a £3.3 million loan to buy English counterpart CCS Collect.
The Ardrossan-based group, which is a wholly-owned subsidiary of Canadian-based Everyday People Financial Corporation, received the loan from digital bank OakNorth.
The money will be used to support BPO Collections' acquisition of Surrey-based debt collection agency CCS Collect.
BPO Collections was founded by Graham Rankin in 2006 and its clients include several blue-chip firms like Vodafone, Sky and HMRC.
Established in 1975, CCS’ customers also include a number of well-known businesses, such as the DVLA. It offers a customer portal that allows clients to manage their accounts easily and efficiently.
Rankin said: “Dealing with debt shouldn’t be a stressful process, especially if you have a supportive, patient, and highly capable team on hand to help. We have always been impressed with CCS Collect’s strong reputation and growth and are excited to be joining forces to support even more customers. This acquisition wouldn’t have been possible without the support of OakNorth – like us, they clearly have a strong focus on customer experience, and a team of experts who will work with you to find the best way forward.”
Fraser McPhail, senior director of debt finance at OakNorth, added: “The management team behind BPO Collections is highly experienced and has an excellent track record. The firm’s client base continues to build organically with longstanding relationships with some of the UK’s biggest companies. With demand for debt collection services expected to grow and the acquisition of CCS Collect now complete, BPO Collections is well placed for future growth.
Indeed, the cost of living crisis following the pandemic and geopolitical conflicts like the Ukraine war are putting people and businesses under increasing financial pressure.
In the year to December 31, 2023 BPO posted a pre-tax profit of £1.6 million, up from around £238,000 the previous year.
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