The deal, which is subject to approval from the Financial Conduct Authority (FCA), will see Firstsource expand its footprint in the UK’s growing collections market.

In its latest Companies House accounts, Pastdue Credit posted a pre-tax profit of £3.46 million for the year ended 31 October 2024, on revenues of £16.9m.

The Glasgow firm serves a wide range of UK organisations, including banks, utility firms, telecoms companies, and government bodies. The acquisition is a key part of Mumbai-headquartered Firstsource’s long-term strategy to build a specialised collections business with deep sectoral knowledge and local delivery capabilities across the UK.

Dr Sanjiv Goenka, chairman of RPSG group and Firstsource, said, “We are excited by the opportunity this acquisition could bring. Pastdue Credit Solutions’ deep expertise in first- and third-party collections, particularly across utilities, financial services, and the public sector, strengthens our capabilities in a space that is both critical and growing.

“Just as importantly, this move underscores our long-standing commitment to UK employment. We continue to believe that investing in local talent and infrastructure is integral to building a long-term sustainable business.

“This acquisition aligns with our long-term strategy to build a differentiated collections business with strong sectoral depth and local delivery capabilities across the UK. We’re confident in the cultural and operational fit, and we look forward to welcoming the Pastdue Credit Solutions team as we scale this platform together—with resilience, relevance, and responsibility.”

The acquisition comes at a pivotal time for the UK collections market. With rising consumer debt, a growing role for private agencies in public sector collections, and over £1.9 billion in market opportunity, the demand for responsible, tech-enabled solutions has never been greater. By combining its digital-first, AI-driven capabilities with local expertise, Firstsource is strongly positioned to scale with purpose – delivering greater value to clients, supporting public priorities, and expanding its footprint in a market poised for long-term growth.

Phil Grant, chairman of Pastdue Credit Solutions, said: “We are proud to be joining the Firstsource family. This partnership has the potential to enable a new and exciting chapter for our people, our valued clients, and our future.

“With Firstsource’s global reach, deep domain expertise, and strong culture of innovation, coupled with its long-established credentials in debt collection, this move will pave the way for us to scale our impact, strengthen our services, broaden our offering and unlock new opportunities together.”