Premium Credit Limited, the leading provider of payment facilitation and financing services in the UK and Ireland, has made important announcements in connection with the transition of the company to independent ownership.
On 31 October 2012, the company was purchased by management and leading private equity firm GTCR from MBNA Europe, in a deal involving approximately £900 million in asset value.
Following the closing of this transaction, the strategy for the company will continue to be to offer market-leading services with a high degree of focus on relationships with its partners. In addition, the company will pursue accelerated growth through investment in technology and innovation in service and product offerings.
Andrew Doman assumed the role of CEO of Premium Credit upon the closing of the transaction after working closely with GTCR and existing management to structure and complete the transaction. He was previously Chairman and CEO at the global investment consulting firm Russell Investments, where he was responsible for leading the recovery of the business following the global financial crisis.
Outgoing CEO Nick Pearce will remain as a consultant with Premium Credit and will also continue to sit on the company’s Board of Directors
Michael Swan, Managing Director Fairway Credit, told GBN.com: “Premium Credit through “Fairway Credit” has been a specialist in golf fee collection for nearly twenty years and provides a valuable service to nearly 800 golf clubs during what is proving to be a challenging time for the sector. We are committed to continuing to support both the sport and its membership in the future through the development of enhanced new services and the maintenance of our high level of customer support.”
Premium Credit www.premium-credit.co.uk
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