Debt purchasing business snapped up by Endless

Endless has acquired Barnsley-based debt purchasing business PRAC Financial.

PRAC specialises in acquiring regulated and non-regulated, consumer and commercial debt portfolios.

According to its latest accounts, it turned over just over £282,000 in 2016, and had only one director, Rachael Withers, also the chief operating officer of BW Legal.

Endless investment has supported the business with the purchase of two consumer debt portfolios previously. For both of these acquisitions, PRAC has engaged Leeds based BW Legal Services Limited, a market leading debt collection and litigation business as its collection agent.

Andy Smith, partner at Endless said: “It continues to be a busy time at Endless with 14 investments made in a little over two years from our latest fund. We are delighted to have invested in PRAC and to be working with BW Legal with our first investment in this sector.

“We have the capital available and are looking to make a number of further debt portfolio purchases over the coming months. There are some very strong and respected players in this industry but we see ourselves as niche. ”

Rachael Withers, chief operating officer of BW Legal said: “We look forward to supporting PRAC and the Endless team with the collection, pre legal and litigation activities on these portfolios and we hope others in the future.

“As a growing business we are well placed to service the needs of PRAC alongside all of our existing and longstanding clients.”