Turnover in Top UK Collection Execs Could Signal Change for the Industry

According to a new report on the UK debt collection industry, the turnover rate of top director-level executives at the largest 260 companies is approaching 50% in the past 18 months.

Sector analyst Plimsoll recently released its industry report on the UK debt collection sector and the story is covered in Friday editions of Credit Today.

The report intimates that the turnover will have a far-reaching effect on the sector.  According to Plimsoll’s analysis, there were 284 new appointments at director level since late summer 2005 at the UK’s largest 260 debt collection agencies. This figure is out of a total of 594 directors.  Further, the report said 111 of the new directors have to focus on keeping the company afloat, while 173 are concentrating on performance.

Plimsoll Senior analyst David Pattison told Credit Today, “Companies don’t do business with companies people do business with people. But the people are changing, and firms will be caught out and lose business as a result, simply because they took a customer, competitor or supplier for granted on the basis of an older management style.”