0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Administrators save utilities specialist DCA in prepack deal

Administrators have saved the jobs and contracts of a utilities specialist debt recovery firm in a prepack deal.


Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

Andrew Duncan and Neil Bennett, directors at Leonard Curtis Business Solutions Group, were appointed joint administrators to Richburns in June this year.

 

Richburns, which provides debt recovery and metering services for the utilities market, was sold immediately in a prepack deal, following an accelerated M&A process, to turnaround specialist Essendon Capital.

 

Essendon Capital recognised the ongoing potential in the business and decided to back the incumbent management team in the process.

 

The deal, conducted by Leonard Curtis, preserves more than 45 jobs and the jobs of more than 70 independent field agents.

 

Essex-based Richburns has contracts with three leading gas and electricity suppliers for debt collection, including pre-disconnection visits and warrant executions.

 

Richburns manages the whole debt collection process for its clients and assists and advises electric and gas companies on issues with their metering services, including gas and electricity safety inspections and the tracing of gas and electricity supplies.

 

Essendon Capital provides turnaround financing, bridging and finance and other services to help solve business challenges in the SME marketplace.

 

Duncan said the deal has gone through with minimum disruption for Richburn’s customers.

Share on LinkedInShare on Twitter
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

YOU MIGHT ALSO LIKE

MPs: Carillion board “negligent or complicit” in company failure

Carillion’s board was responsible for its “rotten corporate culture” and was either “negligent or complicit” in the company’s collapse, MPs have said in a joint report

Revealed: The Credit Awards winners 2018

The full list of winners of the Credit Awards 2018 has now been revealed, after a memorable night at the Grosvenor House hotel in Mayfair

Carillion used suppliers as credit facility, MPs find

Collapsed outsourcer Carillion used suppliers to “prop up its failing business model”, according to MPs investigating the company’s failure

Highest number of personal insolvencies since Q3 2012

A total of 27,388 people became insolvent in the first three months of 2018, official figures from the Insolvency Service show

The CS Interview

Anne Boden on Starling Bank's growth plans and gender diversity

Anne Boden on Starling Bank's growth plans and gender diversity

Features

What role for humans in the future of collections?

What role for humans in the future of collections?

Opinion

FCA aims on affordable lending nigh on impossible

FCA aims on affordable lending nigh on impossible

Credit 500 - 2018/2019

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled
Share on LinkedInShare on Twitter

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group