CM July and August 2018

Returning from Down Under, Eddie worked for GE
Mortgage Insurance as Managing Director UK & Ireland for
a time until tempted away to join M&S Financial Services as
COO to launch what was then the biggest new credit card of
its time. M&S Financial Services was stagnating, with little
more than a store card in its portfolio. The launch of the
new credit card transformed the business: “It meant setting
up three new call centres including one of the first to be
set up overseas and going from 30 people to more than 800
virtually overnight.”
Eddie recalls a meeting with his IT team. They presented
a plan with a two-year roll out; Eddie needed it done in one:
“I told them it was a great plan but would be a year too late.
It was like fitting a quart into a pint pot but we managed
it and went live on the morning of the final of the Rugby
World Cup in 2003.”
DUBAI CLASSIC
Tempted away again after M&S Money was bought by
HSBC in 2004, Eddie left as Deputy CEO of the division to
join Dubai Finance Group in 2007. This was a heady time
establishing a new financial services group and involved
endless hours of meetings and travel: “I was hardly ever on
the ground,” he laughs. But then, of course, came the crash,
and the great unravelling, slashing costs wherever they
could find them. And there were plenty to find: “I remember
we had six businesses and yet 11 offices in Dubai, as well as
a private jet.” The crash exposed Dubai as being literally
and metaphorically built on sand, but Eddie enjoyed his
time away: “The local pub was always full of people selling
real estate until the crash when they quickly disappeared.”
Returning to the UK, Eddie joined 1st Credit in April
2009, again as COO, and alongside the then CEO Najib
Nathoo started to turn things around.
What Eddie did was to go back to basics: “We would
champion challenge, and test, learn, and then test again.
We instigated a 9-00 meeting every morning with the
collections managers to uncover any issues and what we
were doing to fix them.”
This ‘rhythm of review’ added some much-needed
urgency to the company’s operations. The company began
experimenting with new ideas, including a highly successful
settlement campaign. Other ideas were rather more radical,
including offering certain customer types Hampers and
even a free TV.
“The business had grown so fast that it did not have
the operational underpinning that it needed,” Eddie adds.
“Today it is completely different. It is much more rigid and
disciplined, and totally focused on the customer.”
ACQUIRING PORTFOLIOS
1st Credit stopped acquiring portfolios for almost two
years before starting again in 2011 to find the competitive
landscape had changed considerably. Fortunately, they
found an active supporter in its Private Equity investors,
Bridgepoint: “They had a light touch,” Eddie continues, “and
were very smart. They helped us to build a good business
and gave us access to funding at a price that made us more
competitive.”
In rebuilding the business, 1st Credit understandably
aroused the interest of other potential owners, and in
February 2017 it was acquired by Intrum: “Intrum wanted
access to the UK market,” Eddie explains, “and to be a
leading player you have to have a UK presence.
The Recognised Standard / www.cicm.com / July/August 2018 / PAGE 25
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