Claire VearesBritain’s biggest debt collector, Cabot Credit Management, is to list on the London Stock Exchange and is hoping for a £1bn market capitalisation.
The firm, owned by US debt recovery company Encore Capital Group and private equity group JC Flowers, is looking to raise around £195m in fresh capital.
The listing is expected to take place in November with Cabot saying it would have a free float of at least 25%.
Float delayed
Cabot was expected to announce its intention to float in September but it was put back after Peter Crook, the former chief executive of Provident Financial, stepped down from its board. Cabot had planned to appoint Crook as chairman in preparation for the London listing.
Andy Haste, chairman of payday loan company Wonga, is now Cabot’s chairman elect.
Goldman Sachs, Morgan Stanley, Jefferies and Numis are managing the float.