1st Credit, the consumer debt purchase and collection business, has received £20m in second-round funding from Gresham and Barclays Bank. Gresham previously structured and arranged £15m of development capital for 1st Credit in January 2002 and has now invested a total of £10m.
The risk taken by Gresham is not inconsiderable, as the purchase of consumer debt is highly capital-intensive and the business is currently swallowing its investors’ cash at the rate of £2.5m
