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Delivering what we commit to.
1st Credit
Sector: Financial Services
Deal Type: Development Capital
Date: Jan '02 – Oct '04
Deal Size: 16m
Investment Overview
1st Credit combines debt purchase with traditional debt collection work, in which credit corporations, principally financial institutions and utilities, outsource debt collection to 1st Credit.
Why we liked it
Gresham had successfully backed the managing director, Mike Cleary, in a previous investment, Ultimate Business Services. Our investment rationale centred around Cleary’s proven ability together with the strong complementary management team he had brought into the business.
How did we help?
The business grew rapidly from start-up in 2001 through to a position on exit whereby it managed and worked out £0.8 billion face value of consumer debt.
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