Latest News | Firstsource to Acquire UK-headquartered Pastdue Credit Solutions

New Delhi, Jul 18 (PTI) Firstsource Solutions on Friday announced it will acquire Pastdue Credit Solutions, a debt-collection business serving several of the UK's banks, utility firms, telecom companies, and government bodies.

The acquisition is subject to Financial Conduct Authority (FCA) approval, said Firstsource Solutions, a provider of domain-led Business Process Services (BPS).

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The RP-Sanjiv Goenka Group company, however, did not divulge the financial details or size of the buy.

Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said, "Pastdue Credit Solutions' deep expertise in first- and third-party collections, particularly across utilities, financial services, and the public sector, strengthens our capabilities in a space that is both critical and growing".

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The acquisition aligns with the company's long-term strategy to build a differentiated collections business with sectoral depth and local delivery capabilities across the UK, he added.

The latest acquisition comes at an opportune time, it further said, citing the prospects in the UK collections market.

"With rising consumer debt, a growing role for private agencies in public sector collections, and over £1.9 billion in market opportunity, the demand for responsible, tech-enabled solutions has never been greater," the release said.

By digital-first, AI-driven capabilities with local expertise, Firstsource said it is strongly positioned to scale with purpose, delivering value to clients, supporting public priorities, and expanding its footprint in a market poised for long-term growth.

Phil Grant, Chairman of Pastdue Credit Solutions, said, "With Firstsource's global reach, deep domain expertise, and strong culture of innovation, coupled with its long-established credentials in debt collection, this move will pave the way for us to scale our impact, strengthen our services, broaden our offering and unlock new opportunities together".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)