Latest news with #PhilGrant
Scotsman
22-07-2025
- Business
- Scotsman
Firstsource to acquire Scottish-headquartered Pastdue Credit Solutions
Firstsource Solutions Limited, a leading global provider of specialist domain-led Business Process Services (BPS), has announced that it has signed an agreement to acquire Pastdue Credit Solutions, a prominent UK-headquartered debt-collection business serving many of the UK's market leading companies, including banks, utility firms, telecoms companies, and government bodies. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The acquisition is subject to Financial Conduct Authority (FCA) approval. Dr. Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said, 'We are excited by the opportunity this acquisition could bring. 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. Advertisement Hide Ad Advertisement Hide Ad "Just as importantly, this move underscores our long-standing commitment to UK employment. We continue to believe that investing in local talent and infrastructure is integral to building a long-term sustainable business. Dr. Sanjiv Goenka - Chairman of RPSG Group and Firstsource. '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. "We're confident in the cultural and operational fit, and we look forward to welcoming the Pastdue Credit Solutions team as we scale this platform together—with resilience, relevance, and responsibility.' The acquisition comes at a pivotal time for the UK collections market. With rising consumer debt, a growing role for private agencies in public sector collections, and over £1.9 billion in market opportunity, the demand for responsible, tech-enabled solutions has never been greater. Advertisement Hide Ad Advertisement Hide Ad By combining its digital-first, AI-driven capabilities with local expertise, Firstsource is strongly positioned to scale with purpose - delivering greater value to clients, supporting public priorities, and expanding its footprint in a market poised for long-term growth. Phil Grant, Chairman of Pastdue Credit Solutions,said, 'We are proud to be joining the Firstsource family. This partnership has the potential to enable a new and exciting chapter for our people, our valued clients, and our future. "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.'
United News of India
18-07-2025
- 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
News18
18-07-2025
- Business
- News18
Firstsource to acquire UK-headquartered Pastdue Credit Solutions
New Delhi, Jul 18 (PTI) Firstsource Solutions on Friday announced it will acquire Pastdue Credit Solutions, a debt-collection business serving several of the UK's banks, utility firms, telecom companies, and government bodies. The acquisition is subject to Financial Conduct Authority (FCA) approval, said Firstsource Solutions, a provider of domain-led Business Process Services (BPS). The RP-Sanjiv Goenka Group company, however, did not divulge the financial details or size of the buy. 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". The acquisition aligns with the company's long-term strategy to build a differentiated collections business with sectoral depth and local delivery capabilities across the UK, he added. The latest acquisition comes at an opportune time, it further said, citing the prospects in the UK collections market. By digital-first, AI-driven capabilities with local expertise, Firstsource said it is strongly positioned to scale with purpose, delivering value to clients, supporting public priorities, and expanding its footprint in a market poised for long-term growth. 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". PTI MBI MBI SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 18, 2025, 20:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
18-07-2025
- 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.
Yahoo
26-04-2025
- Automotive
- Yahoo
Parking machines covered amid move to cashless
A number of a town's parking machines have been covered up ahead of their removal as part of an equipment upgrade. Reading Borough Council said 75 new pay and display machines will be installed around the Berkshire town over the coming weeks. The machines will allow cashless payments only for on-street parking, using banks cards or mobile payment apps, including the existing RingGo system. Phil Grant, Reading Borough Council's parking services manager, said he believes the changes will save £35,000 per year. The transfer to cashless-only payments began on 1 March, after council committee approval on 20 January. Charges apply to parking in all council car parks, on-street parking bays, as well as long-term parking permits. The authority said it currently costs £10.67 per cash collection from each machine, amounting to £1,600 a month, which would be reduced to £350 per month under the cashless system, saving the council £15,000 per year. According to a report by Mr Grant, maintaining each current machine costs the council £266.66 a year - adding up to a total cost of about £44,000 annually. The new machines will not issue paper tickets but parking enforcement officers will be able to check payments have been made electronically. The local authority said machines will still accept cash in some areas where "there is proven high demand for this", such as around the Royal Berkshire Hospital. The move is part of wider parking reforms by the council, including possible emission-based parking tariffs and reducing the number of pay and display machines from 168 to approximately 75. A six-week statutory consultation on a proposal for emission-based parking charges closed on 30 March, with a final decision due to be made by the authority's traffic management subcommittee on 11 June. You can follow BBC Berkshire on Facebook, X (Twitter), or Instagram. Parking meter vandalised after charges introduced Meters vandalised hours before park charges begin Parking charges to increase for town's polluting cars More than 20 councils moving to cashless parking RingGo Reading Borough Council
