Latest news with #PastdueCreditSolutions
United News of India
3 days ago
- Business
- United News of India
Firstsource to acquire UK's Pastdue Credit Solutions
Bengaluru, July 18, 2025 (UNI) Firstsource Solutions Limited, a leading provider of specialist domain-led Business Process Services and part of the RP-Sanjiv Goenka Group, today announced the signing of a definitive agreement to acquire Pastdue Credit Solutions, a prominent UK-based debt collection firm. The deal, subject to regulatory approval from the UK's Financial Conduct Authority (FCA), marks a strategic expansion for Firstsource in the growing UK collections market. RP-Sanjiv Goenka Group Chairman Sanjiv Goenka stated, "Pastdue Credit Solutions' deep expertise in first and third-party collections across sectors like utilities, financial services, and the public sector strengthens our capabilities in a critical and expanding market. This acquisition reflects our continued commitment to investing in UK talent and infrastructure." He emphasised that the acquisition aligns with Firstsource's long-term strategy to build a differentiated collections business with strong local delivery and sectoral depth. Pastdue Credit Solutions serves several market-leading UK institutions, including major banks, utilities, telecoms providers, and government entities. The UK collections industry, valued at over £1.9 billion, is experiencing surging demand for responsible and technology-enabled solutions amidst rising consumer debt and a growing reliance on private agencies in public sector collections. Commenting on the development, Phil Grant, Chairman of Pastdue Credit Solutions, said, 'We are proud to join Firstsource. Their global scale, digital-first capabilities, and strong culture of innovation offer immense potential to scale our impact and enhance our services.' Firstsource recently ranked third among Indian employers in the UK in the India Meets Britain Tracker 2025 by Grant Thornton, underscoring its ongoing investment and workforce commitment in the region. The transaction is expected to close following FCA approval. UNI BDN BM
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Business Standard
4 days ago
- Business
- Business Standard
Firstsource signs pact to acquire UK-based Pastdue Credit Solutions
Firstsource Solutions Limited, a part of the RP-Sanjiv Goenka Group, has announced a deal to acquire Pastdue Credit Solutions, a UK-based debt collection company, which serves several of the United Kingdom's (UK's) leading organisations, including major banks, utility providers, telecom firms, and government agencies. The acquisition is subject to UK's Financial Conduct Authority (FCA) approval, Firstsource announced in an exchange filing. Firstsource Solutions is a global provider of specialist Business Process Services (BPS), delivering end-to-end customer lifecycle solutions across industries such as healthcare, telecom and banking, financial services and investments (BFSI). Founded on July 21, 2005, Pastdue Credit Solutions offers white-label, early arrears, and debt collections and recovery services. Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said, 'Pastdue Credit Solutions' deep expertise in first- and third-party collections, particularly across utilities, financial services, and the public sector, strengthens our capabilities in a space that is both critical and growing. This acquisition aligns with our long-term strategy to build a differentiated collections business with strong sectoral depth and local delivery capabilities across the UK.' Phil Grant, Chairman of Pastdue Credit Solutions, said, 'With Firstsource's global reach, deep domain expertise, and strong culture of innovation, coupled with its long-established credentials in debt collection, this move will pave the way for us to scale our impact, strengthen our services, broaden our offering and unlock new opportunities together.' The company aims to use artificial intelligence and digital-first approach, "With rising consumer debt, a growing role for private agencies in public sector collections, and over £1.9 billion in market opportunity. Firstsource is strongly positioned to scale with purpose - delivering greater value to clients and expanding its footprint in the market." Pastdue Credit Solutions was recently ranked third among top Indian employers in the UK, according to the India Meets Britain Tracker 2025 report by Grant Thornton. From November 2023 to October 2024, Pastdue Credit Solutions Limited reported a turnover of £16.9 million, marking a 40.8 per cent increase year-on-year, and an operating profit of £3.4 million, up 277.8 per cent YoY. From November 2022 to October 2023, the company recorded a turnover of £12.0 million, a 3.2 per cent decline from the year before, and an operating profit of £0.9 million, down 52.6 per cent. For the period from November 2021 to October 2022, turnover stood at £12.4 million, with an operating profit of £1.9 million.
