Intrum Justitia divests its Scottish operations
As previously communicated, Intrum Justitia has been in the process of withdrawing from the Scottish market. In accordance herewith, Intrum Justitia has today entered into an agreement with five individuals who will be admitted to membership upon Intrum Justitia Limited's retirement from the Scottish limited liability partnership, Stirling Park LLP. In connection herewith Intrum Justitia will receive a repayment of its capital account in the LLP amounting to £ 625,000. Three former Stirling Park management team members will together be holding a minority of the interests in the LLP, with the remaining majority interest being held by two further individuals unrelated to either Intrum Justitia or the existing management team. “We are taking this step in order to continue to streamline our UK operations. We are glad that we have reached an agreement with parts of the Scottish management who will continue to provide high quality services on this market and we are looking forward to doing business with Stirling Park LLP for the benefit of our other UK clients.” says Lars Wollung, President and CEO of Intrum Justitia. Stirling Park LLP represented approximately 1.4 per cent of the Intrum Justitia Group’s total turnover in the financial year 2008. The transaction results in a loss for the Intrum Justitia Group of around £ 1.1 million, which will be charged to the June 2009 accounts. For further information, please contact: Lars Wollung, CEO and President Tel: +46 8 546 102 02 Monika Elling, CFO Mobile: +46 705 12 02 01 Marcel van Es, acting Regional Managing Director Mobile: +31 653 173 254 Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has 3,400 employees in 24 markets and revenues of approximately SEK 3.7 billion. Intrum Justitia AB is listed on Nasdaq OMX Stockholm since 2002. For further information, please visit www.intrum.com