One of the fastest growing companies in Yorkshire is creating another 60 jobs at itsLeeds headquarters.

Lowell Group, a debt purchase company, has seen turnover grow from under £1million in 2004 to more than £27 million. Now it is aiming to increase current staff numbers by almost a third – from 190 to 250 – before the year end.

Lowell purchases portfolios of consumer debts from UK banks and finance houses, assuming full ownership rights and responsibility for collecting the debts.

Recent portfolio acquisitions mean the company needs more telephone collections negotiators to liaise with consumers over unpaid accounts.

According to chief executive officer James Cornell, buying consumer debt is a relatively new concept in the UK, which can benefit both creditors and debtors.

He said:

By buying their debt portfolios, we give the banks and finance houses a chance to recover a percentage of the monies owed immediately and not incur any more collection costs. For the consumers, it means we can stop more charges and interest being added to the debt and be more flexible in their repayment arrangements

Annette Martinelli, Lowell’s human resources manager, added:

We are a fast-growing business but our Leeds HQ can accommodate 400 staff so we have room to expand.  Our numbers will be up to 250 by Christmas and we expect to create another 100 jobs in 2007.