Staff windfall as Arrow Global continues upward trajectory

STAFF at Manchester-based data-led debt recovery business Arrow Global shared in the company’s successful stock market flotation with cash and shares worth on average £8,200.

Chief executive Tom Drury told TheBusinessDesk.com that more than 100 staff at the company’s headquarters on Booth Street had benefited, with the longest-serving and best paid employees receiving the most.

Arrow Global’s shares have enjoyed an excellent run since their debut and the company’s market capitalisation has increased from  £357m to  £450m.

Last week the company and partner hedge fund CarVal acquired a student loan book from the Government for £160m and then released strong third quarter results.

Mr Drury said: “We are pleased with the progress of the business. We are expecting to keep growing our team in Manchester. We are at 117 now and should be creating 15 to 20 jobs a year. We have the whole sixth floor here now, and we’ll soon be out-growing this space.

“The team here has made Arrow what it is, so it was only right that they shared in the success when we listed.”

Arrow Global buys consumer debt books from banks and credit card providers and uses its sophisticated analytical systems to achieve a better result in terms of recovering the money owed, than the lenders would have themselves.

Growth prospects are strong in both the company’s existing markets, the UK and Portugal, and also potentially in a third territory, The Netherlands.

Mr Drury said: “We are looking at a deal, and we’re not there yet, which will take us into the Dutch market.  It has a number of attractive features for us – the market is maturing, like it was in Portugal, plus there is also a good regulatory and legal  framework.

“In addition many of the creditors who we are working with already are in that market. We’ll know if we’re going to do the deal near the end of the Q1 2014, if we don’t then then there’s plenty to go at in the UK and Portugal.”