ROBINSON WAY ANNOUNCEMENT 26th September 2009
The management of Robinson Way, the debt collection and debt purchase business, are pleased to announce that they have acquired the business and assets of the Company. The management buy out (MBO) led by Graham Prosser, Managing Director and Bill Murray, Operations Director, will ensure continuity of service to it’s Clients and will secure circa 250 jobs at its Salford based operation.
Graham Prosser commenting said; “Robinson Way was always considered to be the jewel in the crown of its parent London Scottish Bank (LSB), which went in to administration in November 2008, and it was disappointing although not surprising in the current economic climate that an outright purchaser could not be found by the administrators of LSB. However, this gave us the opportunity to acquire the business through the support of the current funding banks and the administrators.”
In the period since LSB wet in to administration, Robinson Way has continued to operate as a solvent subsidiary, servicing its many blue chip clients which include banks, credit card, mail order and utilities companies. Bill Murray said “It has been extremely gratifying to have had the continued support of our clients and loyal staff during a period of uncertainty. With ownership now in the hands of the management team we will have the focus to deliver best in class performance and service for our Clients.”
The transaction will see the business and assets of Robinson Way transfer to the new company under a deferred consideration deal.