Industry Receivables Management Founded 1983 Number of locations 3 (2015) | Website www.wescot.co.uk Headquarters Glasgow, United Kingdom Type of business Limited | |
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Wescot Credit Services Limited (“Wescot”) is a provider of receivables management services in the United Kingdom and is authorized and regulated by the Financial Conduct Authority (the “FCA”).
Operating from offices located in Glasgow, Hull, and Saltcoats, Wescot provides services across the financial services, telecoms / media, utilities and home retail sectors and is one of the market leaders within the United Kingdom for such services.
History
Wescot was incorporated in Scotland in 1983, but following expansion the business established a second office in Hull in 1989 to support the development of its English based client base. This was followed in 2002 by the establishment of a third contact centre in Saltcoats on the Ayrshire coast, providing additional capacity to support expansion into the provision of outsourced collections services.
In June 2005 the company was acquired by Alchemy Partners Nominees Limited. A new group structure was established headed by Wescot Topco Limited, with debt purchase activity initially moved into a separate legal entity, Wescot SPV Limited, and this business then subsequently disposed of in December 2012. Since that point Wescot has focused solely on its core business of the provision of receivables management services to clients.
In August 2012, Wescot extended its data deal with the leading global information services company Experian. According to the terms of the two-year extension, Experian agreed to provide data to Wescot, enabling it to evaluate debtor characteristics and enhance its overall collections performance.
In December 2014 58 members of the Wescot team were awarded the Level 3 Modern Apprenticeship for “Providing Financial Services to Customers in Financial Difficulties”. The programme was developed by Wescot’s Learning Resource Development in partnership with Genius People Ltd within a framework provided by Skills Development Scotland and with independent accreditation from the Scottish Qualification Authority and will be extended to its English based operations within 2015. Wescot currently employs around 600 individuals across its three offices. The company is led by Paul Jenkins, the Chief Executive Officer, with the board of Executive Directors also comprising Jonathan Graham, Charlotte Allen, and Lynn Cruickshanks.