We're delighted to announce that our acquisition of Hoist Finance UK is now complete.
The transaction includes the operations of Hoist Finance UK and its entire unsecured non-performing loan portfolio, comprising of over 2 million consumer accounts, which had approximately £585m 180 month Estimated Remaining Collections as at December 2021.
Expanding Lowell's expertise
The loan portfolio is almost exclusively in the credit card and personal loan sector. This acquisition supports Lowell's overall growth strategy, and continues Lowell's expansion, into the financial services sector, specifically banking.
Lowell will also benefit from improved data insight from the financial services market, materially speeding up pricing and analysis whilst reducing investment risk.
Welcoming new customers and colleagues
Over 2 million customer accounts will migrate across to Lowell. Supporting our customers is at the heart of what we do and we're incredibly proud of the feedback we receive. Our customer centric approach to delivering tailored financial solutions is centred around providing an empathetic experience that makes customers feel protected and respected. We look forward to supporting our new customers on their individual paths to financial wellbeing.
In addition to our new customers, we're pleased to welcome around 180 new colleagues into the Lowell family. The Salford office will remain open so that we can attract and retain the best talent within the industry.
John Pears, Lowell UK CEO, said: “This is an exciting time for a growing business like us and is another big step in Lowell’s targeted expansion. This purchase will position us as the UK’s largest credit management service provider and not only expands our customer base but also aligns with our growth plans of moving into financial services. We’re taking on 2 million more accounts, which will give us the data and insight we need to further strengthen our award-winning customer interactions. We’re looking forward to welcoming Hoist colleagues into the Lowell family and growing together as one business.”
Julian Winfield, CEO of Hoist Finance UK, said: “Lowell’s approach is industry-leading and the business has played a major role in setting the standard for others within the UK. The way that we work aligns perfectly to Lowell and this new partnership couldn’t be a better fit for us. We’re excited and ready to hit the ground running.”
Lowell is one of Europe’s largest credit management companies with a mission to make credit work better for all. It operates in the UK, Germany, Austria, Switzerland, Denmark, Norway, Finland, and Sweden. Lowell’s unparalleled combination of data analytics insight and robust risk management provides clients with expert solutions in debt purchasing and third party collections.
With its ethical approach to debt management, Lowell always looks for the most appropriate, sustainable, and fair outcome for each customer’s specific circumstances. Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. In 2018, Lowell completed the acquisition of the Carve-out Business from Intrum, which has market leading positions in the Nordic region. It is backed by global private equity firm Permira and Ontario Teachers’ Pension Plan. For more information on Lowell, please visit our customer website: http://www.lowell.co.uk or our investor website: http://www.lowell.com