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British debt collector Cabot to launch 1 billion pounds IPO next week - source

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British debt collector Cabot to launch 1 billion pounds IPO next week - source

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By Ben Martin LONDON (Reuters) – Britain’s biggest debt collector Cabot Credit Management is set to launch a stock market debut next week expected to value it at about 1 billion pounds after a delay last month to revamp its board, a person familiar with the matter said. The firm, owned by U.S. debt recovery business Encore Capital Group and JC Flowers, had hoped to announce its intention to float last month, but postponed it after Peter Crook, the former chief executive of Provident Financial, stepped down from its board. It had planned to appoint Crook as its chairman but his resignation from Provident Financial’s board, in the wake of that company’s August profit warning, also prompted him to leave Cabot.

(Reporting by Ben Martin; Editing by Rachel Armstrong and Mark Potter)
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