Debt purchase group Perch secures £210m funding package
Blackpool-headquartered Perch Group, one of the UK’s fastest growing debt purchase, collections, litigation and reconnection firms, has completed a £210 million funding package to support its next stage of growth.
This package comprises a £105m of initial commitments from Shawbrook Bank and Paragon Bank, who join Hampshire Trust Bank in the existing NatWest-led banking senior syndicate which, along with Quilam Capital, provided a combined £90 million facility in August 2023.
As a group Perch comprises debt purchaser Perch Capital, debt resolution agency ACI UK, intelligent field services firm Verify, and TM Legal.
Over the last 12 months, Perch Group has seen a 26% increase in the number of accounts purchased, a 43% increase in the face value of purchased debts, and a 42% increase in the number of clients it has served.
The business has also opened new offices in Manchester city centre and Skipton, North Yorkshire, to accommodate its growing 200-strong team.
The now expanded funding package will facilitate the next stage of Perch Group’s ambitious growth plans as a full-service credit management leader, redefining debt resolution in the digital age.
Mark Pickup, Perch Group’s Chief Financial Officer, commented: “The expanded funding facilities, now incorporating Shawbrook and Paragon Bank alongside NatWest and Hampshire Trust Bank, while continuing our existing relationship with Quilam Capital, not only equips us with substantial further debt capacity but demonstrates these new stakeholders’ clear endorsement of and confidence in our ability to deliver our vision to lead the UK debt purchase and collections industry.”
Tony Williams, Director – Structured Lending, Paragon Bank, added: “Our lending commitment will help contribute to the Group’s strategic vision to lead the UK debt purchase and collections industry. Paragon Bank congratulates the management team on successfully executing this enlarged lending facility; an important milestone to support their future growth ambition and the needs of their customers.”
Ismail Farhat, Director – Structured Finance, Shawbrook Bank, said: “Shawbrook foresee a prosperous and collaborative future supporting Perch’s growth ambitions as part of this new financing package which enables the Group in meeting the needs of its current and future clients.”
Fieldfisher LLP provided legal advice to Perch Group; Travers Smith LLP advised Quilam Capital; and Ashurst LLP advised the senior lenders.
