2020 ends with growth for Cherry 106, a non-performing credit company founded by Giovanni Bossi. A little over a year after its inception, the company closes the year marked by the pandemic with 18 NPL portfolios purchased. As of December 31, 2020, the value of Cherry's proprietary portfolio amounts to over 500 million euros by GBV.
Cherry 106 has improved its performance above all in the last six months, with an acceleration during the last quarter leading to the conclusion of 7 deals.
In the second half of the year, the portfolios acquired included mainly unsecured impaired loans, originating in both the primary and secondary markets and belonging to the banking and consumer credit segments. For a total gross nominal value of over 325 million euros, referable to around 45 thousand positions.
These include an operation concluded at the end of the year, the largest carried out in 2020, for a package of unsecured bank loans from the secondary market worth almost 150 million euro.
Although the current historical context has profoundly changed the credit management market, the company headed by Giovanni Bossi has shown resilience and adaptability. Results demonstrated by growing numbers despite the slowdown caused by Covid, but which did not compromise the investments made for the team strengthening (44 employees compared to the initial 15) and thebusiness expansion (assignment of tax credits).
"We were born close to the onset of the health emergency, which however has not reduced our programs - he commented Giovanni Bossi, CEO of Cherry 106 – Indeed, we can say that 2020 was a profitable year of constant growth for Cherry, even in a market context, that of credit management, completely changed by the pandemic. Even more ambitious projects are in the pipeline for 2021".
