Phillips & Cohen Associates acquires Ardent Credit Services to expand its expertise in debt recovery and credit management services.
Phillips & Cohen Associates (UK) Ltd, a Manchester-based deceased account management company, has acquired Ardent Credit Services, a Liverpool-based debt recovery and credit management services provider. The acquisition is part of a long-term strategy for Phillips & Cohen Associates to expand its expertise and scale within the pre- and post-charge-off collections space in the UK and internationally. The purchase brings 26 years of proven expertise in the UK collections industry to Phillips & Cohen Associates. The company was attracted to Ardent’s “digital-first” approach, which allows customers to choose the most appropriate channels for interaction.
Adam Cohen, Co-Founder and Chief Executive of Phillips & Cohen Associates, stated that Ardent is the perfect fit for the company’s plans to expand mainstream collection activities outside of the US without diluting its expertise in handling deceased accounts. Steve Murray, the Founder and CEO of Ardent Credit Services, said that this was great news for the business and the team, adding that both companies have the same service ethic, and that being part of the Phillips & Cohen family would allow Ardent to benefit from wider group knowledge and services.
Completion of the acquisition is subject to final approval by the Financial Conduct Authority (FCA), expected later this year. The senior team within Ardent will remain, with John Ricketts continuing as Managing Director, reporting to the Chief Operating Officer at Phillips & Cohen Associates, Nick Cherry. Upon completion, Ardent Credit Services will become a wholly owned subsidiary of Phillips & Cohen Associates (UK) Ltd. Cherry noted that the company’s ambition is to grow the business significantly, adding that the office in Liverpool gives them the perfect space they need to expand, and an excellent pool of talented people to draw upon for future recruitment.