Portfolio Recovery Associates, Inc., a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, announced today that it is establishing a new call center in Jackson, Tennessee that can accommodate more than 300 new collectors.
The Company has purchased an existing 34,000 square-foot building in the Route 45 By-Pass corridor just north of the city of Jackson to house the call center. The facility will be used by collectors working on Portfolio Recovery Associates’ owned-debt portfolios, allowing the Company to increase its owned-portfolio collector force by more than one-third over time.
“Portfolio Recovery Associates’ search for a new owned-portfolio call center has been successfully concluded. We are excited to be locating in Jackson, Tennessee, which offers a great pool of talented individuals from which to draw our collections staff. Jackson is a fine city and we’ve enjoyed working with the Jackson Area Chamber of Commerce, the city itself and the State of Tennessee to make this happen. We expect to begin training collectors in early December so we can hit the ground running for our seasonally strong first-quarter collection season,” said Steven D. Fredrickson, Chairman, President and Chief Executive Officer.
On Wednesday, November 15, 2006 Portfolio Recovery Associates completed its purchase of the call-center building for $2.3 million in cash and expects to spend a combined $1.5 million on equipment, furniture and modest renovations. The city of Jackson and the State of Tennessee worked closely with the Company to secure a number of significant tax benefits for the new call center.