Partner Article

Debt agency marks first birthday with plans for expansion

A FAST-GROWING debt collections firm has set out plans to create new jobs and expand outside of the North East, while also launching new matrimonial and corporate investigations services.

Newcastle-based Graphite Debt, Investigation & Recovery Services was set up a year ago this month by its three partners Simon McKenzie, Mark Reed – who owns Newcastle Business Village – and Martin Stephenson, a prominent North East corporate finance consultant.

The firm was established to fill a gap in the market for debt collections services that could ensure clients received the full amount of debt they are owed, rather than paying out a hefty percentage to the collections party.

Graphite generates revenues through a share of the late payment legislation fee for small debts and, for larger sums, merely charges an additional administration fee.

As start-ups and SMEs battle to survive the ongoing tough trading conditions, Graphite’s services have also been extremely popular with clients that need to chase small debts which most other debt agencies would not pursue.

According to Mr McKenzie, the company is aiming to remove the stigma that business leaders have about calling in their debts from clients, especially if they are not large amounts of money.

“We set the business up because we saw a niche in the market and wanted to help businesses of all sizes stay afloat by recovering the money owed to them.

“Most companies in our industry would not even bother collecting small debts or helping smaller companies, however we will collect debts no matter how big or small and we are trying to overcome that stigma attached to asking for small debts to be paid.

“We always ask clients if they would like to work with the customer again. If not, we take a harsher approach and send a seven day demand letter. If they answer yes then we take a softer approach with phone calls, credit control and a softer letter to ensure the companies can work together again.

“We are mindful that our clients may have an ongoing business relationship with their debtor so we tailor our approach accordingly.”

Over the next three years, Graphite is expected to grow its workforce from the current level of four to around 20 and plans to develop a call centre to service its growing base of clients.

Although it currently has a number of customers spread across the country, the company believes its model has global appeal and is actively looking to expand into new overseas markets.

Meanwhile, the firm has enlisted the services of two former police officers ahead of the launch of its new matrimonial and corporate investigations services.

As well as acting on behalf of company directors to uncover underhand activities among suspect staff members and colleagues, Graphite also offer discrete and confidential private investigation for family, relationship and matrimonial cases.

It has teamed up with qualified counsellors that can help its clients deal with their emotions, should they discover that they have been cheated on. It offers a range of services through its website, www.graphiteinvestigationservices.com.

This was posted in Bdaily's Members' News section by Ruth Mitchell .