Cherry 106 continues to grow, the creature of Giovanni Bossi, the former CEO of Banca Ifis who at the end of 2019 decided to set up a company specialized in the purchase and management of non-performing loans. The first half of 2020 (and of its young life) has already gone beyond expectations: Cherry 106 has acquired in recent months 8 NPL portfolios (both in the primary and secondary market, mainly of the unsecured type and belonging to the banking and consumer credit segments) by leading Italian banking institutions and companies at national level, with a strong acceleration in the last part of the semester after the lockdown, which among other things forced the company to suspend home recovery actions and judicial initiatives, in the face of closed courts.
Positive performances were also recorded in the half year also in relation to collections, albeit with uneven results between the months due to the pandemic. On the other hand in the period numerous investments have been initiated on projects that envisage the application of technology to due diligence, information recovery and agile collection processes in a fintech key, to support the massive credit management and recovery capacity. Last but not least, despite the difficulties of recent months, the team has also grown, with the addition of new talent. Today Cherry 106's headcount is composed of 40 employees in the three operating offices (Rome, Milan, Padua).
In May Cherry 106 also communicated the establishment of Cherry Legal, a firm of lawyers which currently boasts a team of 5 highly qualified professionals, with the aim of doubling by the end of 2020.
“The Cherry project – commented CEO Bossi – starts from very ambitious objectives, confirmed in the first six months of 2020. The credit management market has changed completely in recent quarters; thanks to the pandemic, we are faced with prices and recovery estimates that require operators to make the necessary changes. Cherry has been able to interpret this change seizing the challenges of the market and quickly changing its purchasing and management strategy. Eight months after its start-up, Cherry – in a business logic – not only aims to achieve the pre-established goals but is open to seizing the further opportunities it has glimpsed in recent months”.
