Cabot Financial, a market leader in debt purchasing, has announced it is looking to open an additional call center in the north of England, creating up to 250 new jobs.
Cabot Financial acquires portfolios of defaulted consumer debt from a range of lenders such as HBOS and Barclaycard. Following the recent management buy-out led by Ken Maynard and Glen Crawford, backed by Barclays Private Equity, Cabot Financial is investing in extra capacity to allow it to handle growing demand from the market.
Ken Maynard, Managing Director, Cabot Financial commented: “We now have the backing in place to expand our operation significantly and demonstrate to the market that we have the appetite for more business. We investigated opportunities to set up an operation in India and South Africa, but decided on northern England as we feel this works better with the way we operate our business and compliments our existing base in Kent.”
The debt purchasing market is expected to grow at almost 20 per cent per annum over the next five years. Around £1.5 billion of debts were sold during 2003.
