In March 2010, we acquired a 58% shareholding in the Marlin Financial Group, the leading purchaser and manager of consumer debt and a specialist in litigation-based recovery. Marlin focuses on the purchase of high balance, non-performing consumer debt, primarily credit cards and personal loans. Its main clients are UK banks and other large credit institutions. Since inception in 2002, Marlin has negotiated and purchased over 65 portfolios with a value of approximately £1 billion. Operating in the high-balance segment of the market, Marlin is already a leading debt purchaser among those with a specialist litigation focus. The Group’s unique approach is based on a proprietary database and set of algorithms that enable the evaluation, identification and prioritisation of debtor accounts suitable for the litigation process according to their individual circumstances. It also uses a streamlined process that enables judgement and enforcement orders to be obtained rapidly. Duke Street initiated contact with the Marlin founder and CEO in October 2008. Discussions continued throughout 2009, during which time the company strengthened its management team and significantly expanded its operations during challenging economic conditions. Industry trends made Marlin a compelling acquisition for Duke Street. Debt sales reduced by 60-70% in 2009, creating a stockpile of warehoused debt that is estimated at over £25bn and which has now started to unwind. Since acquisition with Duke Street’s support, Marlin has secured a committed £80m senior debt facility, £25m PIK facility and successfully raised a £150m high yield bond to fund purchases of new portfolios. This increased support has won industry recognition with Marlin now ranked as the one of the top 4 debt purchasers in the UK by OC&C. Since the Duke Street acquisition, the management team has been enhanced with the arrival of a new Chairman, CEO, CFO and COO. Marlin’s unique and differentiated approach made it a highly attractive asset to both trade and financial buyers looking for a footprint in this high-growth sector. Consequently, following a competitive auction process Marlin was sold to Cabot Credit Management in February 2014.