Swedish giants buy out UK Debt Collection firm

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Swedish debt collection

Debt recovery business Robinson Way is set to grow the range of services it offers after being bought by a Swedish financial services firm.

Based in Salford Quays, Robinson Way has been acquired by Stockholm-based Hoist Kredit for an undisclosed sum.

Hoist, which employs 400 people and has operations across Europe, said the deal would give it a significant portfolio and collections partner in the UK.

Graham Prosser, currently Robinson Way’s managing director, will now become chief executive.

He said: “Robinson Way’s focus will remain on servicing its debt purchase back book and growing its highly successful contingency client business.

“Hoist will of course be introducing new contingent collections business as a result of the portfolios it will acquire.

“But more than this, Hoist has committed to making a significant investment in our systems and processes to help expand the range of services we offer, and the speed and efficiency with which they can be delivered.

“These investments are strategic, rather than tactical, and designed to ensure that Robinson Way is even better placed to meet the future demands of its customers.”

Robinson has 130 call centre staff based in Salford and a 900-strong network of self-employed debt collectors across the UK.

It was previously a subsidiary of London Scottish Bank, which went into administration in November, 2008, and was acquired in a management buyout in 2009.

Hoist’s UK manager Najib Nathoo said: “Hoist believes it is well placed to be a significant local player: Reputation, compliance, relationships, long-term commitment as well as local presence are becoming increasingly important success factors for debt purchase in the UK market.”

He added: “Robinson Way has a strong brand name, an excellent industry reputation, a well-established collections platform and a customer portfolio that aligns with our own product strategy.

“It also has a proven track record and an experienced senior management team.”

Financial advisers to Robinson Way were Ernst & Young’s financial services M&A team, led by partner Ian Cosgrove.

Addleshaw Goddard, led by partner Roger Hart, acted as legal advisers.

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