Bailiffs hired by councils to recover unpaid debts have seen their profits rise to record levels during the cost of living crisis, company filings show.
Newlyn Group, which is hired by councils to recover unpaid traffic fines and council tax, saw its turnover from debt collection increase by 43.8% to 25.8m in the year to December 2022, while its gross profit rose to 15.5m. Company documents describe the figures as Newlyns best ever results.
Another company, Marston Holdings, made 23.1m operating profit in the year to May 2022, after the number of the cases it was dealing with rose by 50% to 1.72m, according to company documents filed last week.
The profit compares with the 12.5m figure reported in 2021 by the business, which is primarily in…
Read the full article at: https://www.theguardian.com/business/2023/aug/12/bailiffs-making-record-profits-collecting-debt-for-councils-in-cost-of-living-crisis