Kilmarnock firm Mackenzie Hall have announced plans to expand their premises and create 103 new jobs in the town centre.

The firm recently acquired three new units around its Portland Road base to accommodate the expansion. And in a new development, the entire company has just been acquired by Portfolio Recovery Associates, Inc. a specialised financial and business services company and market leader in the consumer debt purchase and collection industry.

Portfolio Recovery Associates (PRA) paid £33.5 million for the company which will continue with its expansion plans, providing a secure future for the firm and its employees. Paul Mackenzie, chief executive of Mackenzie Hall Holdings Ltd., welcomed the acquisition, stressing that PRA’s investment would ensure continuity and financial strength.

He said: "This deal confirms Mackenzie Hall’s position as the UK’s most exciting and progressive consumer debt collection and debt purchase agency. It provides us with unparalleled support in our pursuit of accelerated growth, both in our core contingent collections service, which remains at the heart of the business, and in our ongoing purchase of niche portfolios."

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Mr. Mackenzie and his executive management team have entered into long-term employment agreements with PRA. Based in Kilmarnock, Scotland, Mackenzie Hall offers outsourced and contingent consumer debt recovery on behalf of banks, credit providers and debt purchasers, as well as distressed and dormant niche portfolio purchasing. The Company employs approximately 170 people at its headquarters and contact centre in Kilmarnock.

Welcoming the move, Councillor Jim Buchanan, spokesperson for Delivering Community Regeneration at East Ayrshire Council said: "We’ve been working closely with Mackenzie Hall to support them with recruitment, training and expansion plans. Our economic development team offers tailor made assistance with finding suitable premises, planning issues and employability to all local and incoming businesses.

"It is very satisfying to see that support validated by the creation of further jobs in the town centre and this acquisition ensures the company has a bright future. Every new job we help to create increases trade for shops and food outlets in the town centre and furthers the 'Make it Kilmarnock' aim of enhancing Kilmarnock as a great place to work, shop and live."

Steve Fredrickson, chairman, president and chief executive officer of PRA added: "This acquisition expands PRA’s presence into new geographic markets, further diversifying our revenue and available service offerings. Our plan includes providing both expertise and capital to the Mackenzie Hall team, permitting them to accelerate their already impressive track record of growth and innovation. I’m proud to welcome all of Mackenzie Hall’s employees to the PRA team."

(GK/DW)