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Tuesday 14 November, 2017

Cabot Credit MgmtPLC

Completion of Acquisition - Wescot

RNS Number : 4718W
Cabot Credit Management PLC
14 November 2017

Cabot Credit Management plc Completes Acquisition of Wescot as it Secures a Major Outsourcing Contract


14 November 2017


Cabot Credit Management plc (Cabot), one of the largest credit management services providers in Europe and the market leader in the UK and Ireland, has now completed the acquisition of Wescot Credit Services Limited (Wescot), a leading UK contingency debt collection and business process outsourcing (BPO) services business, which secured a major outsourcing contract last week.


"We are delighted to welcome Wescot to our company and we are excited this acquisition has coincided with winning a major outsourcing contract which has further expanded our capabilities in servicing," said, Ken Stannard, Chief Executive Officer, Cabot.


Paul Jenkins, Chief Executive Office, Wescot, added: "We are looking forward to working as part of a bigger family and are pleased to be able to start off on such a positive footing by securing a major outsourcing deal, with approximately 150 staff transferring to Wescot, bringing the total of Wescot employees up to approximately 1050."


Both companies are committed to providing a compliant, customer focused business and this alliance will strengthen those synergies and widen their client base. Cabot is considering further integration measures, which may result in additional cash costs and further synergy opportunities.


Headquartered in Hull, Wescot is the largest debt services provider for the UK retail banking sector and is consistently in the top ranks of debt collection agency (DCA) panels of a large range of financial services and corporate clients in utility, telecoms and retail finance






Notes to editors

Cabot Credit Management (

Cabot is one of the largest credit management service providers in Europe and the market leader in the UK and Ireland, with 180 month estimated remaining collections of £2.6 billion as of 30 September 2017.  Cabot provides a range of credit management services across a broad client base that includes some of the largest credit providers in Europe.  These services include debt servicing offerings such as early stage collections, business process outsourcing, contingent collections, trace services and litigation activities. Cabot has credit management experience across a range of both credit providers (including consumer finance, telecommunications companies, retailers, utilities companies and government agencies) and asset classes (including secured consumer debt, small and medium sized enterprise debt, and high value accounts).

Between Cabot's inception in 1998 and 30 September 2017, it has invested a combined total of £2.2 billion in the acquisition of over £23.4 billion in face value of purchased loan portfolios and has received £3.0 billion in cumulative collections from purchased loan portfolios. As at 30 September 2017, Cabot's 120 month estimated remaining collections was £2.3 billion, and Cabot's 180 month estimated remaining collections was £2.6 billion.   

With 20 years of debt purchase and debt servicing experience, Cabot was one of the first companies to engage in the credit management services market in the United Kingdom.  In March 2016, Cabot became the first large credit management service company in the United Kingdom to be authorised by the FCA, and in May 2017, Cabot became the first credit management service company in Ireland to be authorised by the Central Bank of Ireland.

Customer service and regulatory compliance are at the core of Cabot's business and culture and are implemented through its collections strategy. Cabot seeks to treat its customers fairly and offer affordable payment solutions, often through long term payment plans. Cabot has customer satisfaction scores in excess of the UK Customer Satisfaction Index banking and building society benchmark and many leading high street banks included in such index, and Cabot believes that it has one of the lowest rates of complaints in the debt collection industry referred to the UK Financial Ombudsman Service. Cabot has won numerous industry accolades, including a 2017 UK Customer Satisfaction Award from the Institute of Customer Service, the CCR Credit Excellence Awards 2016 for Compliance and the Credit Today Award 2016 for Treating Customers Fairly.

For further information, please contact:
Becky Cimelli
PR Manager, Cabot Credit Management
Tel: +44 (0) 7780 495082
[email protected]

Vicky Hart

Company Secretariat

Tel: +44 (0) 1753 724 048

Email: [email protected]




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