Sheffield law firm Irwin Mitchell selling debt recovery business 'to focus on core strengths'
Sheffield law firm Irwin Mitchell is selling its debt recovery business as it looks to focus on its core legal services as a leading personal injury and medical negligence specialist.
It has agreed to sell Ascent Performance Group to Copper Street One Group in a sale which is subject to regulatory approval.
In its most recent published accounts for the 2024/25 financial year, Ascent made revenues of £9.4m and profit after tax of £200,000. The company was created in 2008 and works with major institutions such as banks and building societies to help them recover debt as well as helping their customers to manage their finances and payments.
The move follows Irwin Mitchell recently selling its asset management business while also acquiring the immigration team of Carter Thomas, as well as expanding regionally in Nottingham and relocating in London. In recent years the firm has also completed deals to acquire Silk Family Law in the Northeast of England and to invest in Scottish law firm Wright, Johnston & Mackenzie.
Craig Marshall, group chief executive at Irwin Mitchell, said: “Our strategy is to focus on our core strengths: building on our market-leading position in complex personal injury, growing our share of the market for private client legal services, and being recognised as a business that builds close, supportive relationships with our business clients so that we are the firm of choice for mid-market corporates.
“This deal means we can focus greater investment into our core legal services, our excellent colleagues and on the right technology to support them.
"We wish our Ascent colleagues every success when they join Copper Street which as a specialist debt recovery business will be well-placed to help continue Ascent’s success.”
New owner Copper Street One is the ultimate parent company for Lantern, the debt purchase and business process outsourcing business, and Sonex, a provider of credit management services for highly vulnerable consumers.
A spokesperspon said: “Copper Street One has specialist expertise in the recovery of consumer debt, both acquiring and servicing defaulted debts from various sectors including banking, financial services, telecommunications, and utilities, and works with customers to find the right outcomes, including tailored repayment plans.
“Upon receipt of regulatory approval and completion of the deal, Ascent will become a sister company to both Lantern Debt Recovery Services and Sonex, remaining a fully independent trading entity within the Copper Street One structure. The Ascent brand will remain whilst Copper Street One representatives will join the Ascent board.”