News Column

BRIEF: Portfolio Recovery buys business in U.K.

February 4, 2014

By Dave Mayfield, The Virginian-Pilot

Feb. 05 -- Norfolk -based Portfolio Recovery Associates said Tuesday that it bought a business in the United Kingdom that offers bankruptcy-avoidance services. PRA didn't disclose the price for its purchase of the "individual voluntary arrangements" business and other assets from Pamplona Capital Management . PRA's primary business is buying pools of debt and then collecting on it, but it also has a growing operation in bankruptcy services. It expanded into the U.K. in 2012. PRA said it expects to close on the latest deal by June 30 and plans to relocate the acquired business to a new office in central London . ___ (c)2014 The Virginian-Pilot (Norfolk, Va.) Visit The Virginian-Pilot (Norfolk, Va.) at Distributed by MCT Information Services

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Source: Virginian-Pilot (Norfolk, VA)

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