Wescot: well positioned for further expansion
Wescot Credit Services Ltd has amassed over 40 years' experience in the area of debt collection since its inception in the early 1970s. Acquired by private-equity firm Alchemy Partners in 2005, Wescot has grown into the largest debt recovery agency in the UK, managing over £8bn of clients’ assets and handling five million accounts each year. Published figures show the company’s annual turnover tops £32m.
Enjoying a 25 per cent market share within the banking sector, Wescot is well positioned to take on the new challenges that the introduction of Basel III will bring to the banking industry. Specialising also in telecoms, media, utilities and retail financial services, this debt-free company is in a good position to enjoy a further period of growth and is unlikely in the present economic climate to experience any downturn in its fortunes. Indeed recent investment of £4m in technology has created scope for expansion to three times its current size. The business operates through three sites in the UK, has 650 employees, and uses cutting-edge telephony equipment to create a virtual call centre.
Wescot’s product range is designed to provide a total debt management service for its clients. Having successfully established itself in the areas of debt recovery, locate services and debt purchase, the company has more recently developed an early stage, collections outsource business. With expertise in litigation and enforcement, the company can indeed claim to provide a complete debt management service for its clients.
An ethical debt collection agency, Wescot is wholly committed to compliance, adhering to OFT guidelines and playing a leading role in drafting the Code of Practice issued by the Credit Services Association. The company actively supports charities within the free advice centre and works closely with the sector in ensuring that vulnerable debtors receive appropriate advice. Quality systems and auditing are central to Wescot’s business model: telephone calls are recorded, Ofcom requirements on predictive dialling are complied with and debtors can be sure that whether they make payments over the telephone or on-line their credit card transactions will be secure.
With its strong financial foundations, its continuing investment in both new technologies and products, and its strong commitment to compliance, Wescot appears to be a future-proof company which is well