Leeds-based debt purchasing specialist, Lowell Group, one of the fastest-growing companies in the UK, has announced record results for 2007.

The Group achieved £36.1 million adjusted EBITDA* on a turnover of £50.8 million (up 87%) in its latest financial year, which ended 31 August 2007.

*earnings before interest, tax, depreciation and portfolio amortisation

Formed in 2004, Lowell Group has almost doubled its size year on year and currently employs around 280 people at its state-of-the art HQ and customer contact centre in Leeds.

Lowell Group purchases portfolios of consumer debts from a range of major blue-chip organisations and then manages the recovery of those debts offering each consumer a debt solution appropriate to their circumstances.

The Group’s operations division Lowell Financial is currently servicing more than two million consumer accounts with an asset value in excess of £2.3 billion.

Chief Executive Officer James Cornell said:

Lowell Group’s performance this year has been outstanding once again. With UK consumer debt at record levels, debt sale is now recognised as an effective way of helping lenders deal with problem debt. This has resulted in year on year debt purchase market growth of more than 60% over the last three years. During the same period, Lowell has delivered year on year growth of over 100%

The company’s performance has helped to earn James Cornell the title ‘Yorkshire and Humber Young Director of the Year 2007’ awarded by the Institute of Directors.

He added:

One of the key factors in Lowell Group’s success is the strength and depth within the team and the constant drive to improve performance. In addition we promote transparency and enjoy some excellent relationships with our clients. The team and I are very much looking forward to continuing to deliver exceptional results.