UK Debt Purchaser Passes $100 million Revenue Mark

Leeds, United Kingdom-based debt purchasing specialist, Lowell Group Monday announced record results for its 2007 fiscal year ending August 31.

Lowell reported earnings of $27.3 million -- before interest, tax, depreciation and amortization -- on revenues of $103.6 million, up 87 percent from the 2006 fiscal year.

Formed in 2004, Lowell Group has almost doubled its size year on year and currently employs around 280 people at its Leeds' headquarters and customer contact center.

Chief Executive Officer James Cornell said in a statement, “With UK consumer debt at record levels, debt sale is now recognized as an effective way of helping lenders deal with problem debt. This has resulted in year-on-year debt purchase market growth of more than 60 percent over the last three years. During the same period, Lowell has delivered year on year growth of over 100 percent.”

Lowell reported it purchases portfolios of consumer debts from a range of major blue-chip organizations and then manages the recovery of those debts.

Lowell’s operations division, Lowell Financial, is currently servicing more than two million consumer accounts with an asset value in excess of $4.7 billion.