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Skipton sells Callcredit

Skipton Building Society has sold its majority stake in credit reference agency Callcredit Information Group.

Vitruvian Partners, the London-based private equity firm, has purchased the share for an undisclosed amount and will take Skipton’s place on the board. Skipton says the deal will generate £40m profit.

Skipton has been the majority shareholder in the business since it created Callcredit Information Group in 2000. Callcredit was one of 21 subsidaries on Skipton.

CIG employs over 600 people across its sites in Leeds, Bristol and Gerrards Cross. Its annual turnover of around £50m and last year it recorded profits of £5m.

Skipton Group chief executive David Cutter said: “CIG has been a major success story for Skipton of which we are very proud. Our support and guidance has enabled the business to become a serious rival to the major players, from which it continues to take market share.”

Vitruvian founding partner David Nahama says: “CIG sits right in our sweet spot as an entrepreneurial organisation, deploying smart technology and with a strong, customer-centric management team and great strategic opportunities ahead of it.”

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  1. There would be even greater “strategic opportunities” if it were not for the myopia.

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