UK-based financial services provider Cattles has acquired a debt portfolio of UK credit card, loan and overdraft receivables for a cash consideration of around GBP25 million from a UK financial institution through its debt recovery subsidiary, The Lewis Group.
Lewis will assume full control of the debt portfolio and integrate the 32,000 accounts into its existing purchased debt recovery processes. This transaction strengthens Lewis’s position in the UK purchased debt market. The purchase will be funded out of the group’s existing facilities.