PRA Group, Inc. (Nasdaq: PRAA), a global financial services company, has celebrated 10 years of operating in the UK.
UK Government Minister for Scotland Malcolm Offord joined PRA Group President and CEO Kevin Stevenson, other local leaders and employees to mark the milestone at PRA Group’s state-of-the art offices in the HALO Enterprise and Innovation Centre in Kilmarnock, Scotland, a facility supported by £11 million in funding from the Ayrshire Growth Deal. The UK and Scottish Governments each invested £3.5 million in the project to aid regeneration of the local area.
Founded in 1996 in Norfolk, Virginia, U.S., PRA Group chose Kilmarnock for its first move overseas in 2012 and hasn’t looked back. The company has since expanded into Europe, Australia, Canada and South America to become a leader in its industry, generating revenues of nearly $1.1 billion last year.
Over the past decade, the UK team has nearly doubled from its original size, creating new careers across two offices in Kilmarnock and London that span digital fields, dedicated customer support positions and more. With its move to HALO, PRA Group committed a further 15 years to the town and earlier this year announced a partnership with Ayrshire College.
PRA Group focuses on buying nonperforming loans from banks and other credit organizations. Through its subsidiaries around the world, the company helps its customers resolve their debts to get their finances back on track. As the cost of living increases, the company is focused more than ever on supporting its customers on the pathway to financial recovery.
In honor of the 10-year milestone, Stevenson recognized the 40 employees who have been part of PRA Group’s UK team since its inception.
Stevenson said: “Their continued dedication to PRA Group’s shared values has been critical to fostering the success of more than 300 people PRA Group employs in the UK today. PRA Group’s investment in the UK is one of which I am truly proud, and it is because of the incredible way this team has upheld our customer-first approach and focus on the long term.
“I am grateful to be here celebrating this milestone with the people who made it possible—from PRA Group’s UK colleagues to community leaders, to representatives from the Scottish and UK governments, who have shown us invaluable support over the past decade.”
UK Government Minister for Scotland Malcolm Offord said: “It’s a fantastic moment to see PRA Group mark 10 years of business in the UK in the same year as their move to HALO in Kilmarnock. This not only confirms the company’s commitment to investing in the economy locally and UK-wide, but it also underlines what an attractive space has been created to boost prosperity in Ayrshire.
“The UK Government is proud to be a partner in the Ayrshire Growth Deal and I hope that seeing PRA Group’s impressive new UK headquarters here in Kilmarnock will encourage more large firms to appreciate that Ayrshire is very much open for business.”
Vanessa Northam, head of charity development for the StepChange Free Debt Advice Charity, said:”We have valued the support of PRA Group for the past decade, working with them and their customers to help as many people as possible to manage their debt in a sustainable way and ultimately become debt-free. As a valued partner, we look forward to continuing to work with the company to develop ways of supporting consumers in achieving long-term financial control.”