Burlington Group reports strong 2013 financial results

Enforcement services provider, Burlington Group, has posted strong results for 2013 showing 75% year-on-year growth since 2012. The company’s audited accounts report turnover just in excess of £2.4m and 22% pre-tax net profit.

The company’s working highlights of 2013 included significant expansion of its judicial services division and the successful enforcement of an eight-figure unpaid judgment debt believed to be the highest value writ of fi fa ever enforced. Burlington’s motor finance enforcement division also made new ground and significantly grew its operations, and the company launched its CustomerConnect service to the consumer finance industry, providing a tool to help address delinquent accounts at an early stage and complement clients’ internal soft collection procedures with the addition of a field element.

John Ingram, managing director, commented; “We are of course pleased with the company’s strong results for 2013, but we are now heavily focussed on 2014 and the implementation of Part 3 of the Tribunals, Courts and Enforcement Act (TCE) alongside the handover to the Financial Conduct Authority (FCA). The company has been working hard for some time towards implementing change, controls and governance arrangements and we are looking forward to the long-awaited transition into more regulated waters in 2014”.

Founded in 2008 with private equity investment, Burlington Group provides judgment creditors, retail banks, consumer lenders, corporate clients and local authorities with full-service enforcement and collections solutions. Having successfully built a strong service provision in the collection of consumer finance arrears, the company is in the unusual position of having two separate divisions simultaneously transitioning regulatory change in April 2014.

On 1 April 2014, the Financial Conduct Authority (FCA) takes over from the Office of Fair Trading (OFT) to become the regulator for the consumer credit industry and on 6 April 2014 the Taking Control of Goods Regulations 2013 come into force.

Ingram believes that the significant regulatory changes during 2014 will result in fewer operators remaining in the market but delivering a more compliance focussed and higher quality service.