News

APPOINTS GROUP GENERAL COUNSEL & UK CRO, AND MANAGING DIRECTOR FOR SERVICING AND BUSINESS DEVELOPMENT

Lowell is delighted to announce two senior appointments to its UK executive team. Bill Flynn, Group General Counsel & UK Chief Risk Officer, and Laurence Hamilton, Managing Director UK Servicing & Business Development. These two appointments will further strengthen the management team as the business continues its growth strategy.

Bill Flynn joins from Wonga Group, where he was Group General Counsel. Bill joined Wonga in 2015 where was responsible for steering the business through an intensive period of regulatory scrutiny. This culminated in the business achieving FCA authorisation in 2016. Bill has an extensive financial services background, having held senior roles at GE Capital, Zurich Financial Services and Capquest.

Bill will lead the Group Legal function, reporting directly to Group CEO, James Cornell, and will be responsible for risk & compliance in the UK, reporting to a soon to be appointed a Group CRO. As a member of the UK Executive team, he will be responsible for ensuring the Group operates in line with regulatory standards and our brand values, continuing to foster a responsible culture that supports delivery of our business plan.

Laurence Hamilton joins the business from Equifax, where he was Managing Director of TDX group and Senior Vice President of International Debt Services. He has worked in financial services in a variety of capacities including general management, data analytics, marketing, sales and client relationships for over 20 years.

Laurence will take overall responsibility for the development and commercial performance of Fredrickson, the third-party collection business, and lead Lowell’s key business development strategies; developing and managing the UK business plan, where his experience will be a significant benefit. He will report to Marc Schillinger, Group Chief Sales Officer, and to Group CEO, James Cornell, pending the appointment of a UK Regional Manager.

Commenting on the appointments, CEO, James Cornell said:

“I am excited to be welcoming Bill and Laurence into the UK executive team, and look forward to working with them to achieve our vision – to be the best in our field.

“Adding such high calibre people with such extensive financial services experience is vital to evolving and delivering our business strategy, while maintaining our core values as we continue to grow.”

 

Note to Editors

About Lowell:

Lowell is one of Europe’s largest credit management companies with operations in the UK, Germany and Austria, and a vision to be the best in its field in Europe. Lowell combines its principled approach, international experience, deep understanding of data analytics and operational efficiency to serve every part of the credit management value chain, with expertise in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce.

Previously named Lowell GFKL Group, Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. It is backed by global private equity firm Permira, and Ontario Teachers’ Pension Plan, and is headquartered in both Leeds (UK) and Essen (Germany). For more information on Lowell, please visit our investor website: www.lowellgroup.com

For further information, please contact:

Media enquiries:

Carol Ord, Head of Communications UK
Telephone: + 44 7814 430 330
Email: media@lowellgroup.com

Lowell, a leading European provider of credit management services, specialising in debt recovery, data analytics and consumer insight, announced today that its UK operating businesses – Lowell Portfolio 1 Ltd; Lowell Financial Ltd and Fredrickson International Limited – have been granted full Financial Conduct Authority (FCA) authorisation.

James Cornell, Group Chief Executive, said: “We are delighted that our companies have received FCA authorisation – this is an important milestone for our Group. The fair treatment of our consumers has always been at the heart of Lowell´s business and the FCA authorisation supports our consumer-centric approach.”

Colin Storrar, Group Chief Financial Officer, added: “Compliance beyond legal requirements is a key element of our Group DNA and we are committed to continuously developing our high standards.”

Note to Editors

About Lowell:

Lowell is one of Europe’s largest credit management companies with operations in the UK, Germany and Austria, and a vision to be the best in its field in Europe. Lowell combines its principled approach, international experience, deep understanding of data analytics and operational efficiency to serve every part of the credit management value chain, with expertise in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce. Previously named Lowell GFKL Group, Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. It is backed by global private equity firm Permira, and Ontario Teachers’ Pension Plan, and is headquartered in both Leeds (UK) and Essen (Germany). For more information on Lowell, please visit our investor website: www.lowellgroup.com

For further information, please contact:

Media enquiries:

Carol Ord, Head of Communications UK
Telephone: + 44 7814 430 330
Email: media@lowellgroup.com

Lowell, a European leader in credit management services, recorded a strong set of results for the period 1 January to 31 March 2017. These results show the benefits of the Group’s ongoing portfolio expansion and diversification, as well as its continued consumer focus.

Financial Highlights

  • 37% y-o-y increase in Cash Income to £148m
  • 32% y-o-y increase in Cash EBITDA to £78m
  • 23% y-o-y increase in ERC to £1.8bn
  • 44% of acquisitions over the last twelve months from forward flows
  • Portfolio investments continue to be made across diverse originating sectors

Operational Highlights

  • Collections forecast remains consistently accurate
  • Maintained Investors in Customers (IiC) Gold rating1>
  • Further improved Net Promoter Score to 431

1 relates to Lowell Financial Ltd

Colin Storrar, CFO Lowell, said:

“Lowell has again delivered strong quarterly growth across its metrics. This is a consistent performance from the now fully integrated Group which demonstrates continued good operational strategy and execution.

With our strategy focused on expansion and diversification, these results, combined with the strong foundations we have in place, enable us to view 2017 with confidence.”

To join the Q1 Bond call at 10:30 BST today, please register on the investor website:

www.lowellgroup.com

About Lowell:

Lowell is one of Europe’s largest credit management companies with operations in the UK, Germany and Austria, and a vision to be the best in its field in Europe. Lowell combines its principled approach, international experience, deep understanding of data analytics and operational efficiency to serve every part of the credit management value chain, with expertise in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce. Previously named Lowell GFKL Group, Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. It is backed by global private equity firm Permira, and Ontario Teachers’ Pension Plan, and is headquartered in both Leeds (UK) and Essen (Germany). For more information on Lowell, please visit our investor website: www.lowellgroup.com

For further information, please contact:

Investor Relations enquiries:
Jon Trott, Head of Investor Relations
Telephone: +44 7551 153 793
Email: investors@lowellgroup.com

Media enquiries:
Carol Ord, Head of Communications UK
Telephone: + 44 7814 430 330
Email: media@lowellgroup.com

Henrik Hannemann, Head of Communications DACH region
Telephone: +49 201 102 1172
Email: Comms@lowellgroup.de

Lowell GFKL Group, a European leader in credit management services, recorded strong results for its full year ended 31 December 2016, with a 20% increase in Group Cash EBITDA1 to £254m showing the continuing benefits of the combined business.

Publishing the results today it has also announced that, following the successful merger of the Lowell Group and GFKL, it will rebrand under a unified identity: Lowell.

Financial Highlights

  • Group Cash EBITDA1 up 20% to £254m
    • Growth driven by:
      • 23% increase in Non-Performing Loan (NPL) cash collections
      • 18% increase in 3rd Party Collections (3PC) income
  • 23% year-on-year increase to £306m in portfolio acquisitions
    • 45% of acquisitions from Financial Services clients
    • 32% of acquisitions from Retail clients
    • 18% of acquisitions from Communications clients
  • 29% year-on-year increase to £10.1bn in 3PC Assets under Management (AuM)
  • 120 month gross Estimated Remaining Collections (ERC) of £1.8bn
    • 30% year-on-year increase
    • 39% of 120m ERC to crystalise as cash collections in the first two years
  • Completion of a further bond issuance related to the acquisition of Tesch

Operational Highlights

  • A series of complementary and accretive acquisitions during the year
    • Tesch (September 2016), consolidating our market leadership position in Germany
    • IS Inkasso (May 2016), expanding our geographical reach through establishing a leadership position in Austria
  • Lowell Financial retains 3 Star Exceptional rating with Investors in Customers
  • Continuing focus on consumer experience remains at the forefront of all activities
  • Ongoing compliance within the regulatory environments to deliver best practice across the Group
  • Post year end: unveiling of the new Group shared brand identity and name; providing a clear vision and strategy for the future

Outlook

Lowell has seen the momentum from 2016 continue into the new year with positive trading in its first quarter. The combined business has the fundamentals in place to continue to grow its platforms through 2017 with a clear focus on value creation.

James Cornell, CEO Lowell, said:

“This is a very good set of results for Lowell and demonstrates the strength of our combined business. 2016 was an important year in our growth with a number of strategic acquisitions across Europe, and the completion of an additional bond issuance.

Having successfully merged our businesses we have a clear vision and strategy for the Group. Combined, we exist to improve the financial well-being of clients and consumers with our principled approach and pioneering consumer insight, offering a positive, forward-looking message and a distinctive identity in the sector. Our new brand reflects this. Lowell has proven equity and existing strong positive associations; it is familiar and respected. The new brand will provide a shared identity for clients, consumers, and colleagues alike; one I believe shows our positive direction as a business.

We look to the rest of the year and beyond with confidence.”

 

 

1Cash EBITDA for the three months to 31 December 2015 and on a last 12 months basis to 31 December 2015 is defined as both Lowell’s and GFKL’s Adjusted EBITDA, each as defined in the Offering Memorandum dated 14 October 2015. Cash EBITDA for the three months to 31 December 2016 and on a last 12 months basis post 31 December 2015 is defined as collections on owned portfolios plus other turnover, less collection activity costs and other expenses (which together equals servicing costs) and before exceptional items, depreciation and amortisation.

GFKL LOWELL GROUP LAUNCHES GRADUATE PROGRAMME

Applications to be accepted on a rolling basis

The GFKL Lowell Group has announced the launch of a new Decision Science/analytics graduate programme.

The GFKL Lowell Group is one of the largest credit management companies in Europe and is backed by global investment company Permira Funds and Ontario Teachers’ Pension Plan (OTPP). The new programme will be housed in Leeds at the company’s UK headquarters.

The graduate programme review committee is accepting applications on a rolling basis and successful candidates will start in September 2017, working in the Decision Science department.

GFKL Lowell’s Decision Science department is focused on understanding, measuring, and predicting consumer financial behaviour. The team comprises business analysts, statisticians and quantitative and behavioral scientists dedicated to addressing the company’s most challenging analytic problems.

The 18-month programme will see new team members working in a rotational cycle across the core functions of Decision Science, including operational training and with a guaranteed overseas placement. GFKL Lowell Group will also provide a dedicated mentor for the duration of the programme, and ensure development opportunities are tailored specifically to the successful applicant’s requirements.

Christopher Trepel, PhD, Group Chief Science Officer, said:

“Data and industry-leading analytics are central components of GFKL Lowell Group’s competitive strategy and we are constantly searching for candidates who display exceptional problem solving skills, drive, intellectual curiosity and ambiguity tolerance.”

“Our team is routinely focused on questions never before asked in this industry and there’s no better place to start your analyst career if you’re interested in understanding consumers, exploring novel data sets and applying a broad set of methods drawn from mathematics, psychology, economics, and management science.”

GFKL Lowell is seeking applications from those with a BSc (2:1 or better) or MSc in a quantitative discipline such as Business Analytics, Mathematics, Statistics, Physics, or a behavioural science discipline with significant coursework in statistics and/or quantitative methods. Qualified applicants can apply online at www.lowellgroup.co.uk/our-graduate-programme.