PRAC FINANCIAL LIMITED ACQUIRED BY ENDLESS LLP
Endless Fund IV has recently acquired PRAC Financial Limited (“PRAC”) from its private owners. PRAC is a niche debt purchasing business, specialising in acquiring regulated and non-regulated, consumer and commercial debt portfolios.
Endless investment has supported PRAC with the purchase of two consumer debt portfolios to date. For both of these acquisitions, PRAC has engaged Leeds based BW Legal Services Limited, a market leading debt collection and litigation business as its collection agent.
Andy Smith, partner at Endless said:
“It continues to be a busy time at Endless with 14 investments made in a little over two years from our latest fund. We are delighted to have invested in PRAC and to be working with BW Legal with our first investment in this sector. We have the capital available and are looking to make a number of further debt portfolio purchases over the coming months. There are some very strong and respected players in this industry but we see ourselves as niche. ”
Rachael Withers, Chief Operating Officer of BW Legal added:
“We look forward to supporting PRAC and the Endless team with the collection, pre legal and litigation activities on these portfolios and we hope others in the future. As a growing business we are well placed to service the needs of PRAC alongside all of our existing and longstanding clients. We have recently expanded our offering and expertise into Scotland, which opens up more opportunities for us to be able to perform services for our clients where many of our peers can’t.”