Phillips & Cohen Associates completes acquisition of Ardent Credit Services

The acquisition follows approval from the Financial Conduct Authority (FCA). Ardent will now formally become a wholly owned subsidiary of PCA’s UK business.

Plans for the intended acquisition were announced in February and were subject to FCA approval. Steve Murray, the Founder and CEO of Ardent Credit Services, will stay in an advisory capacity in the short term to ensure a smooth transition of the business. John Ricketts continues as Managing Director, reporting to the chief operating officer at Phillips & Cohen Associates, Nick Cherry.

In completing the acquisition, PCA is adding 26-years of proven expertise and excellence in the UK collections industry, having been attracted by Ardent’s ‘digital first’ approach to business and a like-minded approach to how customers should be treated, which goes above and beyond the remit of Treating Customers Fairly.

Adam Cohen, co-gounder and chief executive of Phillips & Cohen Associates, says the announcement will help accelerate plans for integrating the two companies: “An approval process that we expected to take months has been completed in weeks. In our view, this reflects the confidence the FCA has in the credibility, professionalism, and senior leadership of our two organisations,” he says.

“We can now move quickly with our plans for closer collaboration, building on our long-term strategy to further extend the range of services we can deliver to our clients in the UK and internationally.”

Nick Cherry added: “It’s an exciting time for the business, our people, and the local community as we have the ‘green light’ from the FCA to write the next chapter in the PCA/Ardent history.”