Teleperformance UK, a global outsourced technology provider, has bought the assets of Improved Financial Solutions (IMFS), a UK-based collection agency, for an undisclosed fee.
Teleperformance has pegged debt collection as a growth area as the UK economy continues to struggle. More than 25,000 people are employed in the UK in collections and, according to the country's Credit Service Association, that figure is set to rise rapidly as the effects of the recession linger.
Consumer debt collection on behalf of the financial services sector has proven to be the key driver of collections growth for IMFS in the past three years, with between 85% and 95% of revenue coming from this area.
IMFS was established in 2004. The company has more than 40 employees dealing with prime consumer and commercial debt collection. The debt types serviced include credit cards, store cards, current accounts and loans on behalf of some of the larger brands and hotel chains. Denise Crossley, co-founder of IMFS, will remain as managing director.
Jeff Smith, CEO at Teleperformance UK, said telephone-based debt collection will become more important. "Most of the work in this sector is telephone based and we are finding with our expertise and training abilities we are able to create long lasting relationships with customers, who approached in the right way, are fully prepared to work out ways that they can better manage and settle their debts."