Debt buyers Cabot Financial and Apex Credit Management have re-branded as Cabot Credit Management following the acquisition of Cabot by private equity firm AnaCap Financial Partners in April.

Confirmation of the new group name follows the announcement that the business has increased its three year banking facility to £200 million, with West LB joining the syndicate of bank backers alongside RBS, Barclays and Citigroup. As of July, £135m had been drawn. Neil Clyne, group chief executive of Cabot Credit Management, said: "The new enlarged group aims to create long term and sustainable growth by taking advantage of the economies of scale that we now benefit from as a result of the recent acquisition."

It follows the final set of results posted last month by Cabot Financial Group, which revealed an operating loss of £106m for the year ending 31 October 2010. John Randall, financial director of both the previous and current firms, told.....Read more on this story---> Credit Today online