Cabot Credit Management Appoints CEO for its Spanish Operation

1 September 2016 - Cabot Credit Management (CCM) announced today it has appointed Jose R Cadena as its new Chief Executive Officer (CEO) for its Spanish operation, Gesif S.A.U.(Gesif) effective from 1 September following the resignation of Melania Sebastian.

Cadena who has been the Chief Operating Officer for investment company Paratus AMC, a portfolio company of Fortress Investment Group in Spain for the past three years, said: "I am honoured and excited about the opportunity to lead CCM through its next phase of growth in Spain. I look forward to working with the Gesif and Cabot teams in building a world class Credit Management Services business for the Spanish market.”

Sebastian who has been CEO of Gesif for the past 12 years, has decided to explore other opportunities, but will continue to work with Gesif in a consulting role.

Ken Stannard said: “We are very grateful for the considerable role Melania has played as CEO of Gesif, building the company to its position of strength within the Spanish debt acquisition and debt service market. With Jose’s appointment, we will be taking full advantage of Gesif as a platform for further growth in Spain. He has a wealth of experience from which Gesif can benefit, having directed debt recovery operations in USA, India, Europe and Mexico.”

Sebastian said: "I want to thank Ken Stannard, our employees and partners for their support and hard work in building Gesif. It has been an amazing experience, but I feel that it is time for a change in leadership of the business and change in direction for myself.”

Stannard reiterated the strategic importance of Gesif and the Spanish market to CCM saying “Since CCM’s acquisition of Gesif in Q3 2015 we have invested nearly €100m in Spanish portfolios and see Gesif as strategically important in our future growth plans. In addition, we will strengthen our service offering to clients by investing several €m Euros in the very latest technology solutions.”

Cadena has over 16 years of experience in the financial industry, and for the past 10 years Cadena worked in the USA market as a senior manager for West Asset Management, Director of Collections for Asset Acceptance Capital Corp. and as the Director of International Outsourcing and Operations for Galaxy Asset Management.

About Cabot Credit Management

Cabot Credit Management (CCM) is a market leader in credit management services including debt purchasing, contingency collections, business process outsourcing and litigation. The Group encompasses four UK businesses including Cabot Financial, dlc, Apex Credit Management and Mortimer Clarke Solicitors (a specialist litigation law firm, authorised and regulated by the Solicitors Regulation Authority) and three European businesses Cabot Financial Ireland, Gesif and Nemo.

From its inception in 1998 to 30 June 2016, CCM has invested c£1.9 billion in acquiring portfolios with a Face Value in excess of £20 billion. CCM has an ERC (estimated remaining collections) of £2.1 billion. It manages in the region of £1 billion of assets on behalf of clients, collects on average over £47 million per month on portfolios it either owns or services on behalf of clients, and has delivered a consistently strong financial performance, having grown its business in each of the last 16 years without exception.

The Group, which has purchased circa 8 million customer accounts, employs approximately 1,550 people with offices in Kings Hill, Brackley, Worthing, London, Dublin, Madrid, Paris, Lyon and Marseille. The company prides itself on its ethical values, customer service and high standards. It has an impressive list of accolades including:

• Investors in People Gold and Champion awards
• Treating Customers Fairly Award 2015 and 2016, Credit Strategy

The controlling shareholder of Cabot Financial is Encore Capital Group, an international speciality finance company providing debt recovery solutions. The remaining equity is held by a fund advised by J.C. Flowers & Co., in addition to company management.