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New funding to position Marlin for further growth

Date: 02/11/2012

Marlin, the leading purchaser and manager of consumer debt which specialises in litigation-based recovery, is pleased to announce that it has secured a new £80m, three-year syndicated revolving senior credit facility. The joint lead arrangers were RBS and Investec.

This new senior line will bolster Marlin’s existing £60m funding and ensure that the group maintains its leading UK position in competitive and intelligent debt purchasing. The facility marks the beginning of a partnership with RBS, the acknowledged industry leader in financing debt purchase. In addition it strengthens Marlin’s relationship with its historic funding partner, Investec.

Marlin’s unique approach to debt recovery is based on a proprietary evaluation scorecard. When applied to databases, this strategic tool identifies and prioritises debtor accounts suitable for the litigation process according to their individual circumstances.

Commenting on this new development, Marlin CEO Ken Stannard said:

“This senior financing is another milestone in Marlin's success story. In the last 12 months our unique collection capabilities have allowed us to invest close to £100m profitably in UK consumer non-performing loans, representing 10% of the market. The reduced cost of funds and greater capacity that this new facility brings will further strengthen our competitive position for growth over at least the next three years."

RBS’s Marc Sefton added:

“RBS is delighted to be supporting the management of a leading specialist in the Debt Purchase sector.  Marlin’s use of data and data mining in combination with their litigation scorecard gives Marlin a unique position in the market.”

Marlin is backed by Duke Street, the mid-market private equity group, which acquired a controlling interest in the company in April 2010.

Duke Street’s Jason Lawford said:

“We are always looking to support top class management teams in growing companies and to help our businesses reach their full potential. Marlin is a market leader in a growing and attractive sector and this facility puts Marlin in an enviable position to continue to exploit the huge opportunity we see in the Debt Purchase sector.”

About Marlin

Marlin is a leading, litigation-based debt-buyer and focuses on the purchase of high balance, non-performing consumer debt - primarily credit cards and personal loans. In addition, Marlin offers contingent legal and collection services on behalf of debt-owners as a way to establish relationships with the ultimate aim of purchasing accounts. Marketing is directed at the main UK banks and other large credit institutions. Since inception in 2002, Marlin has negotiated and purchased over 65 portfolios with a value of approximately £1 billion.