News

Lowell Group, the fast-growing Leeds-based debt purchasing specialist, has continued its record-breaking growth into 2007.

Announcing its half year results for the six months to February 2007, the Group reports it is now servicing in excess of one and a half million consumer accounts with an asset value of £1.5 billion. Turnover for the period has increased to £22.3 million, compared to £11.6 million for the first six months of the prior financial year.

Chief executive officer James Cornell said:

We are once again delighted with these results and have maintained our strong growth rate in 2007.  The Group remains on target to achieve in excess of £50m turnover this financial year and more than double adjusted EBITDA* from last year’s £18.2m

*earnings before interest, taxes, depreciation and portfolio amortisation

Lowell Group has established strong ongoing relationships with many of the UK’s leading debt sellers.  Its portfolios include loan, credit card, store card, mail order, overdraft, retail bank and various lower balance debt types.

The Group believes that sharing performance data with clients leads to better, stronger, more transparent relationships, where prices can be optimised as portfolios achieve their maximum potential.

 

Staff at the Lowell Group in Leeds are expecting to have red ears as well as red noses at the end of Red Nose Day on 16 March.

The company has donated its 300-strong call centre to Comic Relief for the evening and staff have volunteered to ‘man’ the phones to collect people’s pledges, as well as taking part in a host of fundraising activities of their own.

James Cornell, Lowell Group’s chief executive officer, said:

The idea to donate our call centre to Comic Relief came from our staff. We hold a number of charitable fundraising events throughout the year, which are always well-supported, so we were more than happy to put ourselves forward. As one of the UK’s leading debt purchasing companies we are used to collecting money from people but it will be a different experience having people ring us to donate it!

Staff are still planning their own fundraising activities but Lowell has already pledged to match the money they raise. And as an added incentive James Cornell and his chief operating officer Andrew Bartle have promised to carry out a series of forfeits in exchange for pledges.

James said:

If the money is right we are willing to do almost anything that is legal and decent with the exception of shaving our heads. I know we are both follically challenged already but I’m getting married shortly and my future wife would not be happy!

Red Nose Day is a UK-wide fundraising event organised by Comic Relief every two years.  In 2005 £22 million in donations was collected on the night of Red Nose Day and 21,000 volunteers took part from 170 call centre companies.

Lowell Group, the fast-growing Leeds-based debt purchasing specialist, has had a record-breaking 2006. 

The number of consumer accounts serviced by the Group now exceeds one and a half million with an asset value in excess of £1.4 billion. Annual turnover increased by 124% to £27.1 million.

Chief executive officer James Cornell said:

We are delighted with these results and are particularly pleased that we have been able to achieve strong profit whilst experiencing such rapid growth.  The Group has attracted some of the best people in the industry and has harnessed a great deal of experience, particularly in portfolio acquisition, pricing and recovery performance. The level of investment in the business has also ensured that we’ve been able to adopt best systems, practices and processes.

Today there is a much more transparent working relationship between debt sellers and purchasers, something very much championed byLowell. We work closely with our clients to achieve optimum recoveries and provide the best purchase price possible, acting in a consultative capacity to help them meet and exceed their objectives

Lowell Group has established strong ongoing relationships with many of the UK’s leading banks and finance houses.  Its portfolios include loan, credit card, store card, mail order, overdraft, retail bank and telecoms debt.

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.

Leeds-based Lowell Group went ‘pink crazy’ on Friday (27 October), raising over £1000 for breast cancer research.

For ‘wear it pink day’ the company’s 190 staff put on a host of outlandish pink outfits while its three directors went the whole hog by dressing up as ‘the three little pigs’.

‘Wear it pink day’ is organised as part of Breast Cancer Awareness Month by the charity Breast Cancer Campaign. Since its inception in 1993 it has raised £3.6m for independent breast cancer research and this year organisers are aiming to raise over £2.0m more.

James Cornell, Lowell Group’s chief executive officer, one of the ‘three little pigs’, said:

Our staff are fantastic at supporting worthy causes and they all had a great time coming up with their pink outfits.  It was their idea for the directors to wear pink pig outfits – how could we refuse! Everyone donated £2 to wear pink and then the company matched the amount raised

Lowell Group, a debt purchasing company, is one of the fastest growing companies inYorkshire and has plans to recruit a further 60 telephone collections staff before the year end. James added:

People can rest assured they won’t have to wear pink every day but hopefully we can raise a lot more for breast cancer research next year