Performance and Governance

Find out how we approach governance, meet our Board, dive into the detail of our performance, and check our financial results.

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Governance

We take governance extremely seriously. Our reputation depends on it. 

Commitment to transparency

We fulfil our legal and regulatory requirements everywhere we operate. 

  • UK Modern Slavery

Read our 2022 Modern Slavery statement to see how we apply the Act throughout our business.

View our 2021 Modern Slavery statement.

  • Tax strategy

We pay the necessary taxes in the countries in which we operate. Our statutory obligations within the UK are covered in our 2022 statement.

Read our 2021 statement.

  • Sustainability strategy

Read our Sustainability Report 2022 for information about the non-financial measures, policies, and proof-points within our sustainability strategy. 

Visit the Sustainability pages for details of the strategy and its components.

  • The gender pay gap

The gender pay gap is the difference between the average hourly pay for all the men and women working at the same organisation. It’s not a measure of equal pay, which is about the pay a man and a woman receive for doing the same or similar job.

We have a pay and grading structure for all employees, and we use market-benchmarked rates for all roles. We also have robust processes to make sure we review pay fairly for all employees.

Our annual Gender Pay Gap in the UK report explores our progress towards a more balanced distribution of men and women across all levels of Lowell UK.

See our UK Gender Pay Gap report 2023

  • Section 172 Statements

Our directors are committed to acting in the best interests of our business. In compliance with Section 172 of the Companies Act 2006, the following statements reflect that commitment in respect of our UK registered companies for 2020:

Metis Bidco Ltd

Lowell Financial Ltd

Lowell Portfolio I Ltd

  • UK complaints reporting

Every six months, we report on the number of complaints the Financial Conduct Authority receives about us. You can download our latest figures (H1 2023).

  • Customers in Vulnerable Situations (CIVS)

Our definition of a customer in a vulnerable situation is ‘someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.’

Read about our approach to Customers in Vulnerable Situations.

Our approach to governance

Good corporate governance is fundamental to how we create and build sustainable value for internal and external stakeholders.

See a summary of our approach to governance.

Our approach to risk

We protect our customers, colleagues, business, investors, and society, while enabling sustainable growth. We do this through informed risk decision-making and robust risk management, supported by a consistent risk-focused culture.

Find out more about how we deal with risk.

Our Code of Conduct

Our reputation stems from our fundamental principles of honesty, integrity, and trust. It’s a reputation everyone at Lowell plays a role in keeping. Our Code of Conduct sets out how we work as a company – what we expect from our colleagues and the ethical behaviours we ask everyone at Lowell to adopt.

Read our Code of Conduct.

Our approach to managing suppliers

All Lowell suppliers are required to comply with our Supplier Code of Conduct which is referenced in our contractual terms and conditions.

Guided by our regulatory framework, including the German Supply Chain Due Diligence Act, we place utmost importance in the respect of human rights in our own business and our supply chain. See our rules of procedure applicable to German based suppliers and those supplying services to Germany, together with the applicable complaints process here.

 

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Committees’ responsibilities

Collective responsibility for the strategy and the delivery of sustainable value to shareholders rests with our Investor Board, which is responsible for:

  • The long-term success of the company.
  • Deciding overall Group strategy.
  • Approving major investments and contracts, transactions, and other financial matters.
  • Progressing commitments to sustainability. 
  • Monitoring the progress of the Group against budget.

Our Executive Committee oversees our operations, supported by our key governance committees.

These committees, and the individual business sub-committees, make sure we follow rigorous and consistent governance processes across all our activities:

Group Audit Committee helps in the management and disclosure of the Group’s financial affairs. 

Group Risk Committee gives oversight and advice on risk exposure, strategy, appetite, and tolerance. 

Group Remuneration Committee approves reward policies, making sure their design promotes the long-term success of the Group. 

Regional Risk & Control Committees ensure the regions manage their risks in line with Lowell’s Risk Framework and in compliance with local regulations.

Group Sustainability Committee is an exceptional instrument of governance in our sector: only 13% of FTSE 100 non-banking financial service companies have a comparable Board-level committee. It gives strategic advice, leadership, and challenge to the Board about Lowell’s sustainability agenda, and sets our appetite and ambition thresholds at a Board level.

Data protection and information security

Our customers and clients trust us to store, manage, and process their data safely. They don’t give us their trust; we must earn it. We do this through our everyday actions and by being completely transparent about our commitments. People can get a sense of this through the privacy assurances that we publish on our websites.

Each region has its own Data Protection Officers and a dedicated Information Risk team responsible for ensuring the business meets its data protection obligations. A lawyer specialising in data protection law heads each team. They each report to the regional Chief Risk Officer as part of the second line of defence in our governance model. 

We have comprehensive policies covering: 

  • Data governance
  • Data protection
  • Information security
  • Information classification 
  • Data handling 
  • Information retention
  • Cyber security

Cyber-attacks are a constant threat to all businesses 

We take a proactive approach to cyber security, managed by our in-house team of cyber threat experts and overseen by the Group Chief Finance Officer, who has an IT background. A member of the Executive Management team oversees our cyber security strategy. 

Read about  how we protect data.

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Group Executive Team

  • Colin Storrar-1

    Colin Storrar

    Group Chief Executive Officer
    Colin Storrar-1

    Colin Storrar

    Group Chief Executive Officer

    Colin became Group CEO on 10th June 2019, having first joined Lowell as Group Chief Financial Officer in 2013. 

    Previously he was at HSBC Bank PLC, where he managed a multi-billion pound asset base for both First Direct and HSBC’s contact centre and digital channels. Before joining HSBC, Colin held a number of senior roles with GE Consumer Finance, and has extensive audit and consultancy experience with Arthur Andersen and Deloitte.

    Colin is a Qualified Chartered Accountant, and holds a Bachelor of Arts degree in Modern History from the University of Leeds, and an MSc in Economics and Economic History from the London School of Economics.
  • Jamie Wilson

    Jamie Wilson

    Group Chief Financial Officer
    Jamie Wilson

    Jamie Wilson

    Group Chief Financial Officer

    Jamie joined Lowell in March 2020. He has wide senior leadership experience, most recently as Executive Vice President and Chief Financial Officer of Avon Products Inc. Before that, he spent over a decade in senior roles at SABMiller, latterly as Chief Finance Officer and a Main Board Director.

    Having gained a degree in Law from Edinburgh University, Jamie started his career as a trainee accountant & corporate tax manager, qualified as a Chartered Accountant and joined the finance team at Highland Distillers, before being appointed MD of Highland Malt Distilling. He continued to build his career in the drinks sector, by working within Remy Cointreau and Scottish & Newcastle PLC, before joining SAB Miller PLC.
  • Eva Eisenschimmel_image

    Eva Eisenschimmel

    DACH CEO
    Eva Eisenschimmel_image

    Eva Eisenschimmel

    DACH CEO

    Eva is Chief Risk, Reputation, Strategy & Sustainability Officer at Lowell, having previously held the position of Chief of Staff for 5 years. She is a senior Executive with an impressive track record in organisational transformation, marketing, and customer experience.

    Previously, Eva was MD Telephone and Digital Banking then Group CMO & Culture Director at Lloyds Banking Group, Chief Operating Officer & CMO at EDF Energy, VP Europe at Allied Domecq, Head of Relationship Marketing at British Airways, Commercial Director Europe for Häagen-Dazs, as well as co-founding her own digital marketing agency early in her career.

    Being a values led person, Lowell’s mission - to “Make Credit Work Better for All” hugely inspires her. She says, of her career: There are three common threads that bind my experience. Great brands, customer focus and great people.

    Eva is also a Non-Executive Director & Remuneration Committee Chair at Saga plc and has held NED positions with First Utility, Water Plus and Virgin Money.
  • Bitte Ferngren

    Bitte Ferngren

    Group Chief People Officer
    Bitte Ferngren

    Bitte Ferngren

    Group Chief People Officer

    A law graduate of the University of Stockholm, Bitte joined the Group in June 2020 from Scandic Hotels, where she was Senior Vice President Group HR and Sustainability. Before that, she spent four years as HR Director for Royal Sun Alliance Scandinavia and previously served in various roles with TeliaSonera. Bitte has experience of working across multiple countries, has financial services experience, and has been responsible for driving people transformation with companies of similar size to Lowell.
  • John Pears  2023 cropcrop

    John Pears

    UK CEO
    John Pears  2023 cropcrop

    John Pears

    UK CEO

    John joined Lowell in May 2018 bringing over 18 years of credit management, operations and risk experience to his role as UK Managing Director. John’s career spans across global financial firms, including Bank of America, MBNA Europe Bank Ltd and most recently as Credit Risk and Operations Director at Shop Direct. John has a BA (Hons) in Geography from Liverpool University.
  • Toby Walter Headshot

    Toby Walter

    Group Chief Transformation Officer
    Toby Walter Headshot

    Toby Walter

    Group Chief Transformation Officer

    Toby joined Lowell in November 2022 as the Group’s Chief Transformation Officer. Toby brings with him a wealth of experience in financial services and will be instrumental in helping the Group evolve so that it can continue to transform and stay relevant to our markets and aspirations.

    Prior to joining Lowell, Toby held board level roles, including leading Commercial and Consumer Business Lines and Chief of Staff/Strategy positions in large and small financial institutions including HSBC, Lloyds Banking Group and NM Rothschild & Co.

    Toby is currently a NED of Charity Bank Limited. He is a qualified Chartered Accountant and holds a BSC (1st class) degree in Physics from Durham University.
  • Johan Agerman

    Johan Agerman

    Nordics CEO
    Johan Agerman

    Johan Agerman

    Nordics CEO

    Johan joined the Group in March 2019 as Managing Director of our Nordic region, he was appointed CEO of our Nordics and DACH regions in March 2023.

    Johan has an extensive career at senior management level, including serving as the CEO of Länsförsäkringar AB. Before that, he was the CEO of Trygg-Hansa, the Swedish brand RSA Insurance Group, where he also held various roles including IS & Change Director and CIO.

    His experience as an industry expert is highly valued and utilized by the Swedish Royal Institute of Technology, where he is supporting a PhD student and two professors on their thesis.

    Johan holds a BSc in Business Administration from Uppsala University, and has participated in the Advanced Management Programme at Stockholm School of Economics. He also served as a Naval Officer at the Swedish Naval Academy.
  • Kevin 2

    Kevin Blake

    Group Chief Risk Officer
    Kevin 2

    Kevin Blake

    Group Chief Risk Officer

    Kevin has worked in senior leadership roles in banking and finance for over 30 years. He graduated from the University of West London with a 1st Class degree in Business Studies before joining the Barclays Bank graduate scheme, where he focused on corporate and commercial banking.

    Over the last decade he’s specialised in CRO roles, including some years in Ireland where he managed the de-leveraging of two nationalised banks alongside KPMG. He returned to the UK as CRO for a PE-backed mortgage servicing business. Following its sale to Arrow Global, he became its European Risk and Compliance Director before joining Lowell in December 2020 as UK Chief Risk Officer.

Investor board

  • Andrew Green

    Andy Green

    Chairman
    Andrew Green

    Andy Green

    Chairman

    Appointed: October 2019
    • Expansive, global non-executive career
    • Previous CEO and Executive Board level roles at BT Group plc and Logica plc.
    • Diverse industry experience including Telecoms, IT, Humanitarian Relief, Space, Financial Services, Management Consultancy and Oil.
    With his 30 year Non-Executive leadership career in regulated and non-regulated industries, Andy brings exactly the right mix of strategic knowledge and humanity to his role at Lowell Group.
    Alongside his Chairmanship at Lowell, he is also a Trustee of WWF UK, Commissioner of the National Infrastructure Commission, a Senior Independent Director of Airtel Africa, Vice Chair of the Disasters Emergency Committee and Chairs the Risk Committee at the Link Group.
  • Trond Brandsrud

    Trond Brandsrud

    Non-Executive Director
    Trond Brandsrud

    Trond Brandsrud

    Non-Executive Director

    Appointed: April 2019

    • Experienced CFO, CEO, Advisor and Non-Executive Director with an interest in listed and private equity companies. 
    • Experienced Chairman of Audit and Risk committees.
    Trond joined the board at Lowell in 2019 and he Chairs the Group Audit Committee as well as holding the position of Chair of Lowell Finans AS - a Lowell subsidiary regulated by the Norwegian FSA. He also serves in a Non-Executive Director capacity at one of the largest European independent oil companies, Aker BP, as well as PGS (a global offshore seismic group) and Waterise (an international desalination company).
  • Sally-Ann Hibberd

    Sally-Ann Hibberd

    Non-Executive Director
    Sally-Ann Hibberd

    Sally-Ann Hibberd

    Non-Executive Director

    Appointed: July 2022

    • Highly experienced Non-Executive Director with a breadth of experience across diverse financial services industries; including insurance, banking, bancassurance, life assurance and investment management.
    • Experienced ESG and Risk Committee Chair
    Sally-Ann has an extensive Non-Executive Directorship career spanning nearly 10 years.  In addition to Lowell Group she is currently the Chair at The Clear Group, a NED and Chair of the ESG Committee at IG Group.  Prior Non-Executive experience includes the Co-operative Bank, Equiniti Group, Loughborough University, Shawbrook Bank and NFU Mutual. Sally-Ann chairs the Group Risk Committee and Group Sustainability Committee.
  • Benoit

    Benoit Vauchy

    Non-Executive Director
    Benoit

    Benoit Vauchy

    Non-Executive Director

    Appointed: November 2020

    • Partner, Permira with a strong private equity investment track record

    Benoit has been involved with the Lowell Board since 2020. He brings a wealth of expertise in private equity leadership spanning JP Morgan through to his current membership of the Investment and Executive Committees at Permira. As well as Lowell, Benoit serves on the Boards of Universidad Europea and EDreams Odigeo, both in Madrid.  

  • david-brueckmann

    David Brueckmann

    Non-Executive Director
    david-brueckmann

    David Brueckmann

    Non-Executive Director

    Appointed: August 2016

    • Principal, Permira with an interest in the Services sector
    David has been involved with the Lowell Board since 2016. In his current role at Permira he focuses on investment opportunities across the Services sector, and he serves on the Board of Engel & Volkers in Hamburg. Prior to Permira, David worked at Advent International. 
  • riccardo-basile

    Riccardo Basile

    Non-Executive Director
    riccardo-basile

    Riccardo Basile

    Non-Executive Director

    Appointed: October 2022

    • Operating Partner, Permira with expertise in operational transformation programmes

    Riccardo has been involved with the Lowell Board since 2022. He brings significant experience in the delivery of supply change transformation programmes for PwC and five years delivering operational transformation programmes for AlixPartners. In his current role as Operating Partner at Permira he has been involved in several high-profile transactions including Tricor, Allegro, Axiom and Magento. 

    Like many of Lowell’s Board, Riccardo volunteers his breadth of financial skills as a Trustee. At present he is working with the UK charity Speech and Language UK. 

  • Cleo Cheung Goodman - resized

    Cleo Cheung Goodman

    Non-Executive Director
    Cleo Cheung Goodman - resized

    Cleo Cheung Goodman

    Non-Executive Director

    Appointed: January 2020

    • Strong private equity experience and background
    • Led several high-profile acquisitions and exits for global names

    Cleo has spent 12 years with Ontario Teachers’ Pension Plan, four of which as Director, leading origination, execution and management of direct investments in the financial services sector across Europe. She has successfully led high profile transactions including the sale of Helly Hansen and Burton’s Biscuits. 

    Cleo is also involved in a number of pro-bono and voluntary pursuits including community youth projects and supporting the entry and advancement of women in the Capital Markets industry.

  • marvin

    Marvin Teubner

    Non-Executive Director
    marvin

    Marvin Teubner

    Non-Executive Director

    Appointed: February 2016

    • Experienced global Non-Executive director
    • Financial career within private equity and investment banking with a focus on the Services and Industrial sectors across EMEA
    Marvin brings a truly global Non-Executive skillset to the Lowell board. Alongside his current role as Managing Director of Private Capital EMEA at the Ontario Teachers’ Pension Plan - Canada’s largest single profession pension plan - he holds Non-Executive directorships with Logoplaste (Portugal) and Techem (Germany).
  • 20211207_Gabriel_Adebiyi_1501_crop

    Gabriel Adebiyi

    Non-Executive Director
    20211207_Gabriel_Adebiyi_1501_crop

    Gabriel Adebiyi

    Non-Executive Director

    Appointed: February 2024

    • VP, Permira with a focus on the Services sector

    In his current role at Permira, Gabriel focuses on investment opportunities in the financial services and tech-enabled services sectors, and has been involved in a number of transactions including Motus. He worked at both Ares Management in the Direct Lending team, and at Deloitte in Transaction Services, each for three years, prior to joining Permira.

Bonds

Garfunkelux Holdco 3 S.A.

Garfunkelux Holdco 3 S.A. (large font)
€630,000,000           
EURIBOR + 6.250% Senior Secured Notes due 2026
Interest payable Quarterly: February 1, May 1, August 1 and November 1 in each year, commencing
February 1, 2021
Settlement Date: 4 November 2020

ISIN (Reg S): XS 2250154494

ISIN (144A): XS 2250154817


Garfunkelux Holdco 3 S.A.

€630,000,000           
6.750% Senior Secured Notes due 2025
Interest payable Semi-annually: May 1 and November 1 in each year, commencing May 1, 2021
Settlement Date: 4 November 2020
ISIN (Reg S): XS 2250153769
ISIN (144A): XS 2250154148


Garfunkelux Holdco 3 S.A.

€440,000,000           
7.750% Senior Secured Notes due 2025
Interest payable Semi-annually: May 1 and November 1 in each year, commencing May 1, 2021
Settlement Date: 4 November 2020
ISIN (Reg S): XS 2250155467
ISIN (144A): XS 2250155541


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