Cabot Credit Management is seeking to list on the London stock market at an expected valuation of about £1bn, with the debt management group hoping to benefit from the rise in consumer credit.
The UK company, which collects debts after buying defaulted or distressed loans from banks, on Friday said it would seek to raise about £195m on the London Stock Exchange in November.
Cabot, which also services credit on behalf of banks and other financial services groups, said it will spend the proceeds on general corporate purposes including the repayment of its own debt. One person close to process said the flotation is set to value Cabot at about £1bn.
Cabot has also appointed Andy Haste, chairman of payday lender Wonga, as independent c…
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