Momentum for Lowell after jobs growth
CREDIT managers Lowell GFKL Group have reported “impressive” third quarter results, for the period ended 30 September.
The Leeds group, which announced that it would be creating 100 jobs back earlier this year, said that cash EBITDA reached £69m for the three months to September 2016 – an increase of 34% on the same period last year.
Lowell said it had a solid pipeline of portfolio acquisitions in place for Q4 which is forecast to be worth £250m and the group also completed the acquisition of Tesch Inkasso at the end of September, raising €230m to fund the transaction and provide further investment.
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The business, which specialises in debt recovery and data analytics, employs 1,100 across the group, which is headquartered in Leeds with offices in Surrey.
In 2015 a merger between GFKL Financial Services and Lowell Group, brought the former into to Permira fold. It was thought the deal was worth £1.1bn and has now allowed the companies to expand in Germany, the UK, Austria and Switzerland.
Colin Storrar CFO said: “I’m pleased to announce the delivery of impressive results by the Lowell GFKL Group.
“We have seen positive momentum during the third quarter with significant growth in both Cash EBITDA and 120 month ERC year on year. In light of our 2016 year to date performance and recent complementary acquisitions, we look to the future positively.”
