Apex Credit Management crowned another highly successful year by being awarded with the DCA of the Year 2010 at the Debt Collection Awards in Nottingham on Thursday November 18th.
Cabot Credit Management (CCM), a leading acquirer and manager of consumer debt, has agreed to acquire Marlin Financial Group (Marlin), a leading specialised debt buyer, for £295 million.
The acquisition brings together two companies with complementary capabilities to strengthen their combined position in the market. Marlin has a robust, mature legal collections operation that is highly effective at collecting on non-performing debt. This capability is an ideal complement to CCM’s success with semi-performing debt. By leveraging each other’s core strengths, CCM and Marlin will expand their ability to grow revenues across a broad range of debt types. In addition, the combined company expects to create further operational efficiencies by applying industry expertise and sharing best practices.
As part of the agreement, Ken Stannard, Marlin’s chief executive officer, has been appointed chief executive officer of CCM, with Neil Clyne, CCM’s current chief executive officer stepping down to pursue other interests. The Board would like to thank Neil Clyne for his significant contribution to the business.
“We are delighted to bring together two industry leaders with their own unique strengths. Together, the companies are well placed to become the purchaser of choice for U.K. vendors,” Stannard said. “I am honoured to be leading a great team of people through an exciting period of growth, and I look forward to working with the Board, our people and partners to ensure our continued success.”
Outgoing CCM chief executive Clyne said, “I want to thank the Board, our people and partners for their support and encouragement over the years as we have built CCM into an industry leader. I am proud of everything we’ve accomplished as a team, and I’m confident that together CCM and Marlin will lead the industry into its next phase of maturity.”
Marlin founder Martin Dunphy said, “I am extremely proud of our people and the company. The fact that Marlin has become an industry leading specialised debt buyer and a highly profitable business is a testament to what can be achieved when you assemble a great group of smart, motivated and ambitious people. I wish the combined company much success in the future.”
Miles Cresswell-Turner, Duke Street said, “I am immensely proud to have been associated with Marlin during its transformation from a niche player to a leading specialised UK debt buyer. Over the past four years of Duke Street investment, Marlin has not only grown faster than any of its peers (with a 5-fold increase in turnover), but has also achieved the highest return on assets and the lowest volatility of outcome amongst individual portfolios - a really impressive performance. It is a testament to the management and broader team that it is now becoming part of CCM, a leading UK debt purchaser.”
Marlin will form part of the CCM group, but continue to operate from its current location in Worthing, West Sussex, under the existing Marlin brand.
CCM was advised on this transaction by UBS Investment Bank and Macfarlanes LLP.
For further information, please contact:
PR Manager, Cabot Credit Management
Tel: +44 (0) 7780 495082
For Investor Relations, please contact:
Chief Financial Officer, Cabot Credit Management
Tel: +44 (0)1732 524 744
Mob: +44 (0)7789 392 038
For further information on Marlin or Duke Street please contact:
Stephen Benzikie, iha consulting
Tel: +44(0)774 0038929
Following 12 months of significant growth, Apex Credit Management’s specialist Trace Division, Apex Discovery Solutions (ADS), has relocated to new premises in Maidstone.
Harnessing emerging technologies and treating customer fairly and ethically is the heartbeat of Apex Credit Management, it is an approach that is winning the business a growing portfolio of clients as they increase their effectiveness in customer debt rehabilitation and debt collection in both the financial services and public service sectors.
Apex Credit Management has invested and will continue to invest substantially in IT to enhance the effectiveness of its customer contact strategies, providing both inbound and outbound opportunities at convenient times to suit people.
Over the last six months Apex Credit Management has been analysing the core causes of bad debt as part of its ongoing efforts to both help people to clear themselves of past debt problems and to inform clients in the financial services and public sectors of the issues that have caused debt to help them to develop their own processes and procedures.
Stewart Cox has joined fast-growing Apex Credit Management in the newly created role of Head of Sales & Marketing
In mid March staff from Apex Credit Management rolled up their sleeves and left their desks behind for a day of countryside labour at Mary Arden’s Farm as part of the business’s supporting the local community programme.
Apex Discovery Solutions, the specialist tracing arm of Apex Credit Management, has become the first trace company in the UK to receive City & Guilds accreditation for its dedicated trace training programme, further emphasising its commitment to quality.