Red Castle Recoveries Sold To B2 Holding/gothia

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Red Castle Recoveries Sold To B2 Holding/gothia
Topic Started: Apr 14 2007, 04:58 PM (65 Views)
whistleblower	Apr 14 2007, 04:58 PM Post #1
www.saynotoyes.co.uk Posts: 2,649 Group: Admin Member #1 Joined: May 13, 2005	Red Castle Recoveries sold to B2 Holding/Gothia The Nostrum Group Limited ('Nostrum') has sold debt collection agency Red Castle Recoveries Limited ('Red Castle') to Gothia Holding AS a subsidiary of B2 Holding ASA and owner of the Scandinavian firm Gothia Financial Group AB ('Gothia') for an undisclosed sum. Based in Worthing, West Sussex, Red Castle has grown rapidly over the last three years and employs in excess of 50 staff, 40 of which are highly skilled collectors, focusing on niche sectors in home shopping, motor finance and banking & insurance. Originally established in 1976, operating in Norway, Sweden, Denmark and other Scandinavian Countries, Gothia offers a range of invoice discounting, debt purchase and collections services to a large range of Blue Chip Clients, throughout Europe. Within the Group it also operates a Banking subsidiary and employs over 200 staff. The Chairman and many of the senior team were instrumental in the growth of another successful European Collections Operation Aktiv Kapital and are no strangers to the acquisition of a UK operation and have ambitious plans for rapid expansion and significant investment. Commenting on the transaction Richard Carter, Chief Executive of Nostrum said "The Red Castle business has established itself as a highly credible and respected service provider in a number of sectors across outsource, contingency and debt purchase markets” adding, "our sale of the business reflects the significant interest in the debt collection sector and in Gothia, we believe we have found an acquirer who shares our ethos of exemplary performance and customer service.” Olav Dalen Zahl, B2 Holding ASA's Chief Executive stated "We are delighted with our acquisition and are confident that the business will underpin our expansion strategy in the UK, a market we believe is poised for further consolidation; a dynamic we will be exploiting. The Red Castle transaction is also a further step in a broad European expansion within core competencies of the B2 Holding/Gothia Group." The existing Red Castle management will remain in place led by Matt Subert, Chief Executive, "The last three years have been very exciting at Red Castle as we continue to carve out our position in the market supported by innovative use of technology and our skilled collectors. It is evident that the pace of growth will continue and I am excited about the opportunities that being part of a larger debt collection group will bring to our business.” The sale of Red Castle Recoveries is effective from 9th February 2007. http://www.redcastlerecoveries.com/news/news24.html
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