Thursday, July 2, 2015
Cabot Credit Management (CCM), the leading acquirer and manager of consumer debt, has announced that it has completed its acquisition of Mortimer Clarke Solicitors, following the grant of alternative business structure (ABS) status to the law firm by the Solicitors Regulation Authority.
This means that Mortimer Clarke Solicitors, a law firm specialising in consumer credit debt recovery litigation, is now a member of the CCM group.
Ken Stannard, CEO, Cabot Credit Management, said: “The acquisition of a law firm marks an important step in CCM’s remarkable growth trajectory. This is a significant addition for us because it allows CCM to provide an end-to-end credit management lifecycle. Our customers will be able to have the confidence that there is one single customer journey aligned with our ethical values and focus on fair customer outcomes.”
CCM will continue to use its careful decision making processes to litigate only as a last resort. This development provides CCM with a unique operating model and strengthens its position as a market leader in the field of consumer debt management.
Sandra Bayne, Director and Compliance Officer for Legal Practice for Mortimer Clarke, commented: “This is an exciting opportunity for Mortimer Clarke, as it will enable us to benefit from Cabot’s immense skill and expertise. The investment will help us to develop further our operational efficiencies and to continue to provide a high quality litigation service to our clients, whilst ensuring we maintain our focus on excellent regulatory compliance.”
Mortimer Clarke Solicitors is now a member of the CCM group. It will continue to operate from its current location in Worthing, West Sussex, under its existing brand.
Cabot Credit Management is a market leader in debt purchasing, contingency collections, and customer tracing, and is divided into four specialty businesses: Cabot Financial, Cabot Financial Ireland, Apex Credit Management and dlc.
As at 30 June 2015 the combined Cabot Credit Management group has invested £1.7 billion in acquiring portfolios with a Face Value in excess of £16.0 billion update and has an ERC (estimated remaining collections) of £1.85 billion. It manages in the region of £1 billion of assets on behalf of clients, collects over £35 million per month on portfolios it either owns or services on behalf of clients, and has delivered consistently strong financial performance, having grown its business in each of the last 16 years without exception.
The group, which has purchased over 7 million customer accounts, employs approximately 1200 people with offices in Kings Hill, Stratford-upon-Avon, Brackley, Dublin, Worthing, and London. The company prides itself on its ethical values, customer service and high standards. It has an impressive list of accolades including:
The controlling shareholder of Cabot Credit Management is Encore Capital Group, an international speciality finance company providing debt recovery solutions, with the remaining equity being held by a fund advised by J.C. Flowers & Co. in addition to company management.