A WARWICKSHIRE debt collection agency’s portfolio of debt has been sold by administrators in an undisclosed deal.
Administrators from Ernst & Young were called in to Equidebt Holdings Ltd and Equidebt Ltd, based in Wellesbourne, last week.
Equidebt Ltd specialised in the collection of consumer debt, comprising both its owned debts portfolio as well as collection of debts on behalf of third parties.
Following their appointment, the joint administrators exchanged contracts on the sale of Equidebt Ltd’s debt purchase portfolio to Cabot Financial (UK) Ltd, part of Cabot Credit Management. The joint administrators are now working with Cabot Financial (UK) Ltd to complete the sale.
The joint administrators are also working with Equidebt Ltd’s debt collection clients to ensure the transfer of their accounts and the wind down of the remaining business.
Tom Lukic, joint administrator with Simon Allport, said: “We are currently working with the relevant parties to ensure an orderly transfer of the debt purchase portfolio and wind down of the remaining business. We would like to thank the company staff for their support and co-operation during this difficult period.
“Individuals making payment in respect of debts being collected by Equidebt Ltd should continue to do so in the ordinary course and in accordance with any existing agreements in place. Those impacted by the above will be contacted directly in due course.”
Cabot Credit Management is a market leading acquirer and manager of consumer debt. Divided into four specialist businesses, Cabot Financial, Cabot Financial Ireland, Apex Credit Management and Apex Discovery Solutions, it covers debt purchase, contingency collections and customer tracing.
The business has purchased assets of £7.7bn, manages over £1bn of assets on behalf of clients, collects over £20m per month on portfolios it owns and on behalf of clients, and has a 14 year unbroken track record of steady growth.
The group employs more than 700 people with offices in Kings Hill, Stratford-upon-Avon and Dublin.