Information on Cabot

[pmhcfc]

Any information I personally post here (re a DCA) is avaliable in the public domain- albeit with detailed research...

 

First and foremost; To those who haven't seen my recent posts, Cabot is in fact owned by the Nikko Cordial Coperation > Nikko acquires Cabot Financial Holdings Group in £275m secondary buy-out - Nikko is a very large company in Japan. Nikko has many arms to its organisation, one being NPIL. NPIL can be found here > npil - asset warehousing, corporate and portfolio acquisitions I won't go into too many details here re their board members, well not yet anyway...

 

Anyhoo- this thread is here just as a start out for any more interesting info I find out...I have a lot of interesting info already on other posts. The most recent finding of mine is this little 'link' between companies...In 2006 when Cabot were up for sale, one of the reported buyers in the running were Hermes..Interestingly, Hermes are one of the major shareholders of London Scottish Bank and who is owned by LSB?...Thames Credit are..and who are Thames Credit agents for?...Aktiv Kapital...I know this has nothing to do with Cabot directly, but..If Hermes had won the 'auction', what impact would it have had re Cabot and Aktiv Kapital?

 

Right, I have a proper question re Cabot now (bear with me as I explain a few things before I actually ask my question )

 

In 2003, Barclay's Private Equity invested £100m into Cabot... 3 year or so later Nikko paid £275m for Cabot/BPE ...Not a bad return eh? Now why would Cabot go to BPE in the 1st place, for a cash injection, yeah? Ok, so what do Cabot do with this cash injection...buy debts? If we work on the proviso that they pay 10% for debts- £100mil worth adds quite a bit to one's portfolio...If it was one's intention of selling one's company (to a very large organisation) how would one get the price up...by having a massive financial portfolio? ok...still with me lol? I'll continue...If you wanted a company to invest a huge amount of money in your company, what carrot would you dangle? Something like...Invest 'x' amount now and soon it'll be worth 3 times a much? --can you see where I'm going with this...so finally..my question....Is there any way I can find out what (in the way of debts in £'s) Cabot aquired between 2003 and March 2006?

[pmhcfc]

They have to file their returns to Companies House by law and this is public information. You can buy copies of these for a very small sum at www.companieshouse.gove.uk

 

I'll do that- trouble is, Cabot have several companies listed.lol--

 

Just found out that on March 1st the Financial Ombudsman is giving a talk to all DBSG members (Ken Maynard is chairman and will be there) re what's happening in APril when DCA's will fall under the FOS jurisdiction. The talk is all about helping your company understand, and how to avoid getting complaints...complaints the DCA's will be fned for! No excuses after March 1st then Cabot (and others). The OFT is also giving a talk re the OFT's perception of the debt collecting industry.

 

A tiny bit on Thames Credit: The happily advertise that they support a children's charity, but they're not that charitable if you look at the accounts (as I have) of the said charity...shame really. I'm sure there's no connection but the solicitors who look after the charity itself (up until very recently) operate out of the same (registered) address as Thames Credit...hmmm

 

Aktiv kapital were once known as Sharpbranch , and had a sister company called flatphone ltd

[pmhcfc]

Glad to see this interesting background information is still here - I was actually thinking that other than looking at companies house which does have this information as you are looking for - you could perhaps try gain a copy of back dated annual reports - let's me just say if I was a business management studies student - I'd perhaps contact the Human Resources dept and ask there if I could have copies of the annual reports for the last ?*? years to look at growth elements and trends within the business sector etc..

 

Annual Reports usually are very "glossy" useful document booklets that show changes, discuss them and often show expected trends etc.. to show expected/planned company changes due - previous changes etc.. could pick up some useful reading there? Most companies will have copies of this at hand for potential investors and other interested parties etc.. could be worth a try? (I am sure you have an unconnected friend - who could help you do this for postal purposes?)

 

Hmm...That's a good idea...I still think the whole deal is somewhat suspect...If you think that a certain (un-named) board member joined both NPIL and Cabot within a few months of each other, one appointment was a few months before the sale and one a few days before it....just looks a bit iffy to me...But hey, what do I know...It's probabaly all above board and Kosher eh? ...back to the research me thinks ;-)

[pmhcfc]

Just a little update...When barclay's equity invested into cabot in 2003, cabot reputedly had 700,000 'accounts' in the UK...3 year or so later when Nikko bought them, they reputedly had 1.3 million accounts in UK..If this is true, then Cabot managed to almost double their 'account' portfolio in the years between tempting in Barclay's and selling to Nikko. I guess we can see what Cabot allegedly did with that alledged 'cash injection' they got from Barclay's...Hmm

[pmhcfc]

Now you never know who to believe do you...When Nikko bought Cabot, they said this on their website > Nikko Principal Investments Limited ("NPIL"), the European principal finance arm of Nikko Cordial Corporation, announces that it has acquired the leading debt purchasing business in the UK, Cabot Financial Holdings Group (“Cabot”), in a £275 million transaction. Yet if you look at the website of the firm that set up the purchase, they (lexicon) say the sale was for £200m million

[pmhcfc]

Take a look at one of K Maynard's presentations last year ..

 

http://www.callcredit.co.uk/download/Credit%20&%20Risk%20Conf%20-%20Breakout%20Session%20-%20Collections%20&%20Recovery%20-%204th%20July2006.ppt#357,2,Slide 2

 

'Confessions of a debt collector'

[pmhcfc]

Ok, I'll stick to my own post re this info....I'm left wondering just how cheaply, companies like Cabot buys debts that are Statute barred or one's that have bad 'skip' references.... Take this little piece of info from one of Glen Crawfords articles...

 

Crawford, Glen

Publication: Credit Management

Date: Sep 2004

 

HEADNOTE Glen Crawford, considers the issues raised by the "skip" content of a seller's portfolio.

IMAGE ILLUSTRATION 1 In last month's column, I highlighted the importance of the due diligence process and, by way of example, pointed to the value differential between an account with valid address and telephone data and one without (colloquially known as a "skip" or "gone-away"). The former often commands a price 1000 per cent greater than the latter.

 

So then...If they buy a 'no-skip' debt of £5,000 for ,,say £1,500 (very generous estimate of 30% there BTW)..Then they'd get a 'skip' debt of £5,000 for £1.50 then? Ah-ha, now we're getting a bit closer to understanding just how little they pay for these old debts eh ?

[pmhcfc]

Google. The main enemy of DCAs across the country.

 

Seahorse, you hurt me feelings...I don't simply rely on just google, more to my 'research' than just simply google searching ;-) lol

[pmhcfc]

i read somewhere that they pay 6p per £ for a debt.

 

It depends if you believe Ken or not..He insists that the cost varies from debt to debt...He says that some debts will be as much as 40% to buy (40p in the £)...The more the 'skips' in the debt portfolio, the cheaper it will be..He also states that debts (in general) are becoming more expensive to buy overall...

[pmhcfc]

You know what I would really love to know? Which company pays their wages. And who is named on their contacts of employment.

 

Nikko Probably---

 

CABOT FINANCIAL Consumer debt collector

WHEN banks and credit-card companies give up hope of recovering money from defaulting customers, Cabot Financial buys the debts and takes over responsibility for chasing the debtors. The Kent company claims to have about 15% of a market made buoyant by Britain’s record levels of consumer debt, and is looking at expanding overseas. Last April, chief executive Ken Maynard and managing director Glen Crawford led a secondary buyout that valued the company at £275m and gave Nikko Principal Investments a 66% shareholding, with former backer Barclays PrivateEquity retaining a minority stake. Profits rose by 42% a year from £9.7m in 2003 to £19.6m in 2005.

 

Someone's making a pretty penny or two eh?

[pmhcfc]

Guess who got taken over today by Citigroup

Citigroup agrees $10 bln bid for Nikko Cordial - Yahoo! News UK

 

I can't keep up..So now Cabot are going to be American ? OMG, can it get worse?

 

"They Overcharge, They Overstate...Now they Over here"

[pmhcfc]

Should be a nice fat little earner for our favourite execs.

 

More 'news'

 

 

With the recent announcement from Provident Financial that they are due to action off the Yes Car Credit - Direct Auto Finance business certain press reports suggest that Cabot Financial are closely looking into the business. However there does seems to be interest from other parties.

[pmhcfc]

So folks who thought they were getting free motors will have to deal with Cabot perhaps? I wonder how watertight Yes Car Credit's agreements were? And if they are even still available?

 

Do your homework first before getting your bid in, Ken. This one might come back to bite you on the bum. Especially if the national press gets wind of how folks like us are fighting back.

 

What a pity I threw my original YCC agreement out last November...grrrrrrr

[pmhcfc]

What a pity I threw my original YCC agreement out last November...grrrrrrr

 

 

lol, i forgot im a kleptomaniac when it comes to forms,,i just found the original agreement

[pmhcfc]

Oh I love Father Ted..feck..arse...girls...

 

On to something serious. I read in the Times yesterday that this Nikkei compnay has just been a hair's breadth of being delisted from the Tokyo stock exchange for what was described as systemic manipulation of its accounts which I guess to you and me means cooking the books.

So choosing my words carefully in case of the Men in Black perhaps this systemic manipulation has been operating elsewhere in their empire? Huh? Huh? I'll see if I can find an online link to the story. Back in a min.

 

Meanwhile back on Craggy Island...

 

Rhia check post 21. I'd actually reported the 'dodgy dealings' of Nikko a while back now...not sure which thread it's on.

[pmhcfc]

From what I can gather...Cabot 'bought' all the names linked with Cabot and Financial (greedy sods), and now those names are 'dormant' companies registered at Kings Hill Address... There are actually 13 compaies registered at 10 Kings Hill ... Am still trying to find out more about Pall Mall Finance Holdings LTd/PAll Mall Finance Acquisitions Ltd which became Cabot Financial Group and Cabot Financial Ltd/Kings Hill no 4 in June 2006

 

Bother's me though- cos apparentley Mr *** ******* is director of 14 companies

[pmhcfc]

I know most of my info now gets put elsewhere,,,but it still amazes me what 'little' things one finds out when one reads books, mags and websites.. for EG ..Cabot was (it seems) under the umbrella of CS Structured Credit Fund Ltd..until that management buy out of Cabot...Well, as early as 1998 (if not before) CS Structured appear to have been involved in joint business ventures (we'll call them that) with a certain company....all those who have read my investigations won't be surprised to know the company that CS Structured were allegedly in joint business ventures with were..........Nikko ... To those less educated about Cabot, Nikko were the corporation that bought (well 65 odd % of it) Cabot. ..Just one of those coincidences I suppose

[pmhcfc]

I know most of my info now gets put elsewhere,,,but it still amazes me what 'little' things one finds out when one reads books, mags and websites.. for EG ..Cabot was (it seems) under the umbrella of CS Structured Credit Fund Ltd..until that management buy out of Cabot...Well, as early as 1998 (if not before) CS Structured appear to have been involved in joint business ventures (we'll call them that) with a certain company....all those who have read my investigations won't be surprised to know the company that CS Structured were allegedly in joint business ventures with were..........Nikko ... To those less educated about Cabot, Nikko were the corporation that bought (well 65 odd % of it) Cabot. ..Just one of those coincidences I suppose

 

And here's proof I was right re CS Structured....

 

LONDON -- Jones Day advised Glen Crawford and Ken Maynard as the management team on their £100 million management buyout of Cabot Financial Holdings. The transaction involved the disposal of Cabot Financial Holdings Limited by CS Structured Credit Fund Limited (which is controlled by CSFB) to a newly incorporated company, Cabot Financial Holdings Group Limited.

 

In conjunction with the disposal, Vision Capital and Barclays Private Equity Limited made equity investments in the purchaser and the management team have subscribed for 20 per cent. of the equity in the purchaser. Further monies have been raised by the enlarged group through debt finance.

 

Cabot Financial was established in 1998 as the UK’s first specialist debt purchaser. The company has seen rapid growth with profits of £8.6 million on a turnover of £34 million in 2003.

[pmhcfc]

For your edification a wee peek inside Cabot Towers...it's not so much a tower as a replica of the golf club next door.

Amaze at the luxurious setting

Be impressed by the state of the art facility

More importantly envisage yourself in that open plan office enjoying a fulfilling day's work.

 

 

http://www.kings-hill.com/pr_0072.html

 

hehehe..I already have this picture saved on my puter from a few weeks back...I also found another picture of a certain person - I must say that he's looking a trifle porky

[pmhcfc]

Here's some more possible coincidental information...Let's talk about the 'Aqua' card provided by SAV Credit (who are part of Palamon Group)...Ok, this is what SAV Credit do.....

 

SAV Credit Limited ("SAV"), a provider of credit cards and financial services products to consumers who are overlooked by mainstream financial services providers......going on to say : Through its Aqua brand, SAV is an issuer of credit cards and related financial products to consumers who fail the standard underwriting rules of mainstream credit card issuers, representing almost 20% of the UK adult population. These ‘near-prime’ and ‘sub-prime’ consumers are underserved by mainstream lenders in the UK, although many are prospects to whom credit could be extended profitably at higher interest rates....

 

So you could say these people 'target' those who are least likely able to afford the higher interest rates...OK...as I said, this is part of the Palamon Group and they were founded in 2001 by Richard Langstaff, the company is managed by a specialist team from within the credit card industry, and is built around information-based risk management techniques.

 

What's all this got to do with Cabot I hear you ask...Well, serving as a Director on Cabot (Europe's) board until June 2000 was someone by the name of Richard Langstaff...Hmmm, now if it's the same bloke, I wonder where he got the inspiration from to start up a company like this AND I wonder which company gives him the information they need in order to target specific people and I wonder who they turn to if SAV has someone that won't pay up....Some more digging to be done on this subject me thinks...(purely out of interest of course)

 

Palamon Capital Partners: SAV Credit Ltd

[pmhcfc]

Excellent pm...Where are you getting this stuff from?

Are you meeting our own Deepthroat in the shadows of basement car park at Cabot Towers? We all know what happened at Watergate, don't we?

Oh yikes, keep forgetting, they don't have any towers and they haven't got a basement car park.

 

Thanks RHia, but this next bit of info is even more ???? Well you decide.. This guy was also a director on Cabot's board..He was there the same time as Glen Crawford* was..It's true...Check this guy out (I note no testimonials from Ken though) >> Bill Bartman's Billionaire Secrets to Success Seminars

 

* Glen Crawford was actually on the Cabot (Europe's) board before Ken was.

[pmhcfc]

WILLIAM R. BARTMANN

 

WILLIAM R. BARTMANN, 49, has built an unusual but lucrative financial empire. Since the onetime oil-field supplier started privately held Commercial Financial Services in 1986, it has become the largest buyer of delinquent credit-card accounts written off by banks. Tulsa-based CFS makes money by buying bad debt at 10% of face value, then politely but firmly collecting 30%. Earnings should hit $190 million for 1997, up 140%.

[pmhcfc]

He was????? When? More details please even via PM/CFC if needs be.

 

Your wish is my command, duly done in the other place.

[pmhcfc]

Excellent pm...Where are you getting this stuff from?

Are you meeting our own Deepthroat in the shadows of basement car park at Cabot Towers? We all know what happened at Watergate, don't we?

Oh yikes, keep forgetting, they don't have any towers and they haven't got a basement car park.

 

A I wonder why SAV have Adam Greaves on their board...I wonder if Richard Langstaff knew him from somewhere ..Hmmm, A Mr Adam Greaves was involved in these two bits of business >>

 

Crawford, Glen

Management Buyout of Cabot Financial Holdings

Counsel to management in the $182 million management buyout, backed by Vision Capital and Barclays Private Equity Limited, of Cabot Financial Holding Limited from CS Structured Credit Fund Limited.

 

Crawford, Glen and Maynard, Ken

Management Buyout

$491 million buyout of Cabot Financial Holdings Group Limited by Nikko Principal Investments Limited from Barclays Private Equity.

[pmhcfc]

Now bear in mind that those bits of business were carried out after Mr Greaves was elected onto SAV's board. So I doubt that there was any ill feeling between Langstaff and Cabot Financial.