Ayrshire-headquartered BPO Collections, which is a wholly owned subsidiary of Canadian-based Everyday People Financial Corp, was founded by Graham Rankin in 2006. The firm’s clients include several blue-chip companies, such as Vodafone and Sky, as well as HMRC.

The £3.3m loan from OakNorth will be used to support BPO Collections’ acquisition of debt collection agency Surrey-based CCS Collect.

Established in 1975, CCS’ customers include well-known businesses, such as Sky and the DVLA. It offers a customer portal that allows clients to manage their accounts easily and efficiently.

Graham Rankin, founder and CEO of BPO Collections, said: “Dealing with debt shouldn’t be a stressful process, especially if you have a supportive, patient, and highly capable team on hand to help.

“We have always been impressed with CCS Collect’s strong reputation and growth and are excited to be joining forces to support even more customers.

“This acquisition wouldn’t have been possible without the support of OakNorth – like us, they clearly have a strong focus on customer experience, and a team of experts who will work with you to find the best way forward.”

Fraser McPhail, senior director of debt finance at OakNorth, added: “The management team behind BPO Collections, led by industry stalwart, Graham Rankin, is highly experienced and has an excellent track record.

“The firm’s client base continues to build organically with longstanding relationships with some of the UK’s biggest companies. With demand for debt collection services expected to grow and the acquisition of CCS Collect now complete, BPO Collections is well placed for future growth.

“We are delighted to have been able to support such a well-renowned and established debt recovery firm and look forward to supporting the expansion of the business.”