Debt firm Lowell 'put up for sale by owner'

Newspaper reports said Exponent Private Equity has appointed financial advisers Hawkpoint to sell the Leeds-based group.

Lowell buys debt from banks and credit card companies, then recovers money from customers.

Lowell was bought in April for 200m Exponent, who backed a management team led by chief executive James Cornell.

However, Exponent is now said to be looking to return profits on purchases to investors, so it can raise new money. The firm is said to have put a 400m price tag on the company.

Banks and finance houses sell Lowell debts and "non-performing loans" for less than their value in order to clear their balance sheet. Lowell then takes over the debt and works with debtors to help them resolve their financial difficulties and pay off what they owe.

The business employs more than 300 people at its headquarters and call centre in Leeds.

Lowell was formed in 2004 with backing from UK buyout group Cabot Square Capital, a leading provider of investment capital for small and mid-sized companies in the UK and Western Europe.

Exponent's portfolio also includes train ticket website thetrainline.com.

The Yorkshire Post was unable to contact Lowell for comment.