NCO buyout secures 400 jobs

NCO Europe has completed a buyout from its American owners, securing 400 jobs.

The Preston company handles customer care, financial processes and customer arrears management on behalf of clients, employing a multi-lingual workforce.

NCO says the deal safeguards existing jobs and could lead the creation of 250 new roles in the next three years.

Nick Ford, chief executive, said: “Barclays has been able to structure a funding package that suits our long term needs following the management buyout allowing us to make key strategic investments in a number of areas supporting our growth plans and digital transformation.”

The transaction was backed by Barclays Northern Powerhouse Fund, which recently assisted in the MBO of the business from US owners Alorica Inc.

This deal will mean that hundreds of jobs are retained here in the UK.

Ed Spencer of Barclays Corporate Banking added: "This deal will mean that hundreds of jobs are retained here in the UK in Preston now that the business is under independent UK ownership, rather than migrating abroad, and with the plans currently in place will see a further increase over the coming years given the high regard NCO Europe is held within this market."