London Scottish Bank announced late last week that it had secured a credit facility from a consortium of banks totaling £83.5 million ($165 million) that will be used principally to finance debt buying activity at Robinson Way, its accounts receivable management subsidiary.
Manchester, U.K.-based London Scottish Bank (LSB), formerly a subprime personal lender, announced earlier this year that it would discontinue lending operations to focus on its debt buying and collection agency business Robinson Way (“UK Bank to Stop Lending, Focus on Debt Purchasing and Collection,” Feb. 27).
LSB said in a press release that the credit facility was the “first major step in [our] plan to recapitalize the company and execute the group’s strategy to focus on the growth and development of Robinson Way.”
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