Deanem Collections Ltd

Investment Requests for Major Expansion

Overview
Funds raised
£38,500
Final AER
17.77%
Loan Term
60
Completed:
28/07/2015
About the Business
Company Name: Deanem Collections Ltd Company Number: 06209331
Business Type: Business Services Years Trading: 6-10 years
Business Location: 1339 HIGH ROAD
About the Risk
Risk Rating: C

Default rate

14.1%

Bad debt rate

5.04%

About the Security
Security Offered:
content
All Assets Debenture - Fixed and floating charge created over all assets of applicant company
Est. Equity: £0.00

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Personal Guarantee - PG from Mr Baum
Est. Equity: £0.00

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Personal Guarantee - PG from Ms Baum
Est. Equity: £0.00

Important Files
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Who are we?

Visit Our Website

Whilst on paper we are categorised as a Debt Collection Agency we actually provide outsourced credit control to Barrister Chambers, Accountant, Solicitors, Insolvency Practitioners, Local Authority, Registered Social Landlords along with a long list of commercial business. In addition, we provide tracing services for registered social landlords, pre-legal reports to solicitors. Credit checking on behalf of a number commercial clients, we also sell a Third Party Self-Administered debt collection letter system where the clients pre-buy a set number of letterheads.

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Details

Who are we?

Visit Our Website

Whilst on paper we are categorised as a Debt Collection Agency we actually provide outsourced credit control to Barrister Chambers, Accountant, Solicitors, Insolvency Practitioners, Local Authority, Registered Social Landlords along with a long list of commercial business. In addition, we provide tracing services for registered social landlords, pre-legal reports to solicitors. Credit checking on behalf of a number commercial clients, we also sell a Third Party Self-Administered debt collection letter system where the clients pre-buy a set number of letterheads.

READ MORE...

The money will be used in two vital areas. The first will be to improve our marketing within Chambers and the legal profession, including holding a paid conference in October. We will also be looking to employ at least 1 additional sales rep and another collector. However unlike our current employees we appreciate that these new members of staff will require a basic salary plus incentives. Unfortunately by doing this means that our current collectors will also require a basic salary plus commission whereas at the moment they are on a commission only structure.

Loan Offers
Business Profile

What is the loan for?

The money will be used in two vital areas. The first will be to improve our marketing within Chambers and the legal profession, including holding a paid conference in October. We will also be looking to employ at least 1 additional sales rep and another collector. However unlike our current employees we appreciate that these new members of staff will require a basic salary plus incentives. Unfortunately by doing this means that our current collectors will also require a basic salary plus commission whereas at the moment they are on a commission only structure.

Why consider investing?

Deanem are the only agency that are approved by the Bar Council to provide collection services to Barrister Chambers and are currently collecting a £3.1m ledger. There are currently 500 Chambers in London of which it has been estimated that approximately 75 – 80% have in outstanding debt ledger in the region of £1m. We are looking to increase our current Chambers client base from 7 to 20. A number of our current Chambers client base has come from personal recommendation but to increase our reputation amongst the Legal Profession we have recently been joined by Karen Gillard, a working Barrister and HRH Princess Katarina of Yugoslavia & Serbia (formally Lady Desmond Da Siva QC) who are acting as introducers.

Loan Security

The loan is to be secured by directors guarantee (supported by personal guarantee insurance) and an all assets debenture.

The directors do not own any property between them

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.
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