Tuesday, November 14, 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.