Bad credit bank’s debt collector for sale
Ernst & Young, the administrators for failed bank London Scottish, are preparing to sell its debt collection arm.
London Scottish, which specialised in products for customers with bad credit, went into administration at the end of November.
Now its debt collection business Robinson Way, which made a pdofite of £6.3 million in the six months to 30th October, will be auctioned to eager bidders within the next few weeks.
December 23rd, 2008 at 2:19 pm
I suppose this is a silver lining to an otherwise hulking black cloud.
January 5th, 2009 at 9:10 am
Or does the sale of desirable assets make the business as a whole less buyable? Is this more like selling the pumps on a sinking ship?
January 6th, 2009 at 6:24 pm
Maybe, although selling profitable assets generally makes businesses less attractive to buyers, would would be saddled with whatever’s left.