Cabot buys debt owed by consumers who cannot pay their mobile or credit card bills from banks Rui Vieira/Press AssociationBritain’s biggest debt collector has pulled its plans for a London flotation, blaming poor and volatile market conditions amid claims it was overvalued. In what would have been one of the market’s biggest listings of the year, Cabot Credit Management had hoped to complete the pricing of its shares this week. Yesterday it said that moving forward with the initial public offering “would not be in the best interest of the company or its shareholders”. Cabot buys debt owed by consumers who, for example, cannot pay their mobile or credit card bills from banks at a discount and then seeks to collect the outstanding payments. It had intended to raise £195 million through the flotation, which its private equity owners had hoped would value the…

Source: The Times November 17, 2017 00:00 UTC