Sheffield–based P&A Receivables Services is celebrating its 10th anniversary and its growth from a local to an international business.
From its roots as a debt collection business employing just seven people and with an annual turnover of £250,000, the firm has diversified to become a multi million pound company with more than 90 employees.
Jeremy Priestley, managing director of P&A Receivables, bought Sheffield commercial debt collection business James Peters and Co in January 2002. Over 10 years the business has expanded to offer services including asset recovery, banking and finance and fraud investigation. It runs 11 international credit forums that help corporates, including some of the world’s leading IT companies, to tackle payment and credit issues in a global market.
A decade ago 95 per cent of business came from within a 10-mile radius of Sheffield. Today more than 60 per cent of P&A Receivables’ work is national and international with clients across Europe and the USA.
Commercial director Ian Wigfield, who was one of the first employees at P&A Receivables, says: “Key to our continued growth has been an investment in latest technologies to stay ahead of the game. Ten years ago we were a paper-based business; now we use cloud computing to enable our clients to have 24 hour access to their files.
“Also we recognise that to help businesses trade internationally we need people who not only speak the language but understand the culture of other countries. More than 10 per cent of our employees are from countries in Western or Central Europe.”