Debt collection proves profitable for Robinson Way
ROBINSON Way, the debt collection business formerly part of the collapsed Manchester lender London Scottish Bank, has continued to grow sales and earnings.
In November it was sold to Swedish group Hoist Kredit AB for an undisclosed sum.
Accounts for the year to December show revenues grew to £21.4m from £19.6m and pre-tax profits climbed to £3.1m from £2.5m. It has net assets of £6.1m.
The Salford Quays-based firm was never itself in administration when London Scottish Bank collapsed. Instead administrators at Ernst & Young operated it outside the insolvency until it was bought by its management team in 2009.
Its new owner is headquartered in Stockholm and employs 400 people in nine European countries: Sweden, Germany, France, the Netherlands, Belgium, Poland, Italy, Austria as well as the UK.
The accounts also show that Winterhill Largo paid just £1 for Robinson Way subsidiary Chase Solutions in May. The company has also put aside £1.1m to cover the cost of future redundancies as the company is restructured. It employs 247 people, down from 268 in the prior year.
