Cabot sold, Maynard steps down.

[Pinky69]

Cabot has been sold to Anacap, which owns Apex. Ken Maynard has stepped down as CEO. Seems Cabot had a "senior" loan of £150 million which was to run until the end of 2011 and they had already drawn £111 million of it before the end of 2009 - oops! No surprise after their heavy losses. The new company are expecting more business to be released from banks and utility companies. My view is that investors have been saying this for a long time and there is no sign of it happening yet. Goodbye Ken - you will be sadly missed, I don't think. In the end Cabot's bully boy tactics didn't win because consumers finally got to know their rights. All Ken could do was bleat about how people wouldn't pay debts for which there wasn't a scrap of proof. Well done again Beagles - keep up the good work!

[Curlyben]

Re: Cabot sold, Maynard steps down.

Blimey

[Angry Cat]

Re: Cabot sold, Maynard steps down.

Not surprised...

http://www.privateequitywire.co.uk/2...tal-uk-limited

[Angry Cat]

Re: Cabot sold, Maynard steps down.

http://www.credittoday.co.uk/news/ne....cfm?news=2247
------------------------------- merged -------------------------------
http://www.bloomberg.com/news/2011-0...t-reports.html

[Angry Cat]

Re: Cabot sold, Maynard steps down.

The King is dead, long live the King:
http://www.ft.com/cms/s/0/39ac9d52-6...#axzz1J0z5HsNp

Keyword: Compliance.

P.S. you cannot read the above unless you register.

[andrew1]

Re: Cabot sold, Maynard steps down.

Well ole Ken can slip into retirement and enjoy his swimming pool and payoff. Glen can go buy a new Aston and hopefully his staff will get the message that ya don't feck with the Cabot fan Club or any of these consumers energised by the likes of Legal Beagles or the OTR consumer forums to make them abide by the law and get away with it.

I must admit to having a Joint 13k BOS loan with a further £6k added in PPI hopelessly put together as a multiple agreement I might add (anhialated by pt) which BOS sold to Cabot with a balance of £18,200 which Cabot and their monkeys stupidly addressed as a single person loan. They always wrote to me personally rather than to my wife and I and when they decided Mr Cabot Fan Club had had enough they began litigating in my name only.

To say PT had fun with this is an understatement and Cabot withdrew litigation and paid costs nearing £20,000, writing the debt off in the process all for a debt they probably paid £1500 for - little wonder they lost money and I am proud to say their £16-18 million losses in the first year after CFC got going and £26million in the next is all down to their own lax attitude to their responsibilities to the CCA and OFT requirements.

Curleyben, you'll be delighted too as you did your fair share in energising people OTR and must take much credit.

Am I sad? - yeah right:bounce:

Bye Bye Ken - with love from the Cabot Fan Club

[Curlyben]

Re: Cabot sold, Maynard steps down.

Interesting to read where all the funding is actually coming from for both of these companies.
Talk about nepotism..

[charitynjw]

Re: Cabot sold, Maynard steps down.

Interesting to read where all the funding is actually coming from for both of these companies.
Talk about nepotism..

Go on, Curly, I'm all ears.........

[Curlyben]

Re: Cabot sold, Maynard steps down.

Have a read of AC's first link, post #3

[charitynjw]

Re: Cabot sold, Maynard steps down.

Have a read of AC's first link, post #3

I'm just coming up with a blank page, Cb?

[Curlyben]

Re: Cabot sold, Maynard steps down.

Well these "capital funds" are all bank based.
So they purchase the DCA's and then use their funds to run the companies.

Sounds like yet another form of securitisation to me..

[Angry Cat]

Re: Cabot sold, Maynard steps down.

I'm just coming up with a blank page, Cb?

AnaCap to buy Cabot Financial from Citigroup Capital UK Limited

Fri, 08/04/2011 - 14:00

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AnaCap Financial Partners (AnaCap), the European private equity firm that specialises in the financial services sector, is to acquire Cabot Financial, the consumer debt purchasing firm, from Citi.
The purchase will create the UK’s biggest debt purchasing and collection business as AnaCap will integrate Cabot Financial with Apex Credit Management, another market leading debt purchasing and collections agency that is already owned by AnaCap’s funds.

Cabot Financial purchases consumer debt from financial institutions and other credit providers that no longer wish to manage that debt internally.

Apex manages debt on a contingent basis and also purchases debt from credit providers no longer wanting to manage it internally.

AnaCap will be joined in the purchase by co-investors Morgan Stanley Alternative Investment Partners and Partners Group.

Fabrizio Cesario, Managing Director, from AnaCap says: “The UK’s debt management sector is very fragmented and we believe that creating a large scale provider will facilitate a superior level of service for both corporate customers and consumers. A bigger provider can make the substantial investments in IT and staff required to ensure continued excellence in regulatory compliance as well as providing consumers with higher standards of service and support.”

AnaCap describes Cabot Financial and Apex Credit Management as “highly complementary” and notes that the deal will give both organisations the opportunity to provide a wider range of services to their corporate client base.

The debt purchasing and debt collection market is expected to benefit from the long term trend of banks, telecom companies, utilities and other consumer credit providers outsourcing parts of their debt management process. This trend is partly being driven by the realisation that specialist businesses, such as Cabot and Apex can offer a more tailored approach to customers in managing outstanding debt. The sector is also seeing increased demand for its services from public sector clients.

Glen Crawford, Group Managing Director at Cabot Financial, says: “Both Apex Credit Management and Cabot Financial have an excellent reputation for customer care and we are delighted to be joining forces with them.”

“We are also very pleased to have the backing of AnaCap who, as a specialist investor within the European Financial Services sector has the ambition and requisite expertise to support our growth.”

Both Apex and Cabot have a reputation for helping to improve industry standards and promoting the concept of ethical debt management. The combined business intends to continue this important work and hopes that as the largest player in the sector it will be able to set the benchmark for others to follow.

Neil Clyne, CEO, of Apex Credit Management adds: “Customer care and quality of service is a real differentiator in this sector and that is something that these two companies are committed to building on.”

“We are very excited about combining the talents of our two companies – that is going to offer an especially strong proposition to customers.”

Apex was recently named as one of the “Times Top 100 companies to work for, 2011” and a “Sunday Times Buyout Track 100” company."

[andrew1]

Re: Cabot sold, Maynard steps down.

We'll have to drop Fabrizio a calling card to let him know who we are and not to forget how Cabot came to be in the mire they are now in....

[charitynjw]

Re: Cabot sold, Maynard steps down.


"Both Apex and Cabot have a reputation for helping to improve industry standards and promoting the concept of ethical debt management."
msl:msl:msl:

[Pinky69]

Re: Cabot sold, Maynard steps down.

There is nothing like a bit of false self promotion to add to their other delusions! The bought 4 debts of mine and never got a penny for them. One had no paperwork whatsoever and the rest had the biggest load of junk I have ever seen. I got a great deal of satisfaction out of the time and money they spent telling me pages and pages of porkie pies -I have 2 files full of their rubbish - and at the end they would say I could phone to arrange to pay them! Idiots. I haven't heard a cheep since.