Acquisition strengthens group’s presence across credit lifecycle with Ascent to operate independently
Lantern Group has agreed to acquire specialist debt recovery law firm Ascent from Irwin Mitchell, in a move that expands its presence across the consumer credit and recoveries market.
The transaction, which is subject to regulatory approval, will see Ascent join Lantern’s existing portfolio alongside its other credit and recoveries businesses.
Lantern said the acquisition strengthens its ability to support financial services clients across the full credit lifecycle, combining capabilities in collections, litigation, enforcement and loan servicing.
Group chief executive Paul Mason said Ascent brings “sector-leading expertise in litigation and recoveries”, adding that its capabilities complement Lantern’s existing operations and enhance its overall service offering.
The deal reflects a broader strategy to build a more integrated platform within the consumer credit and financial services ecosystem. By bringing Ascent into the group, Lantern aims to expand its operational reach while maintaining a focus on regulated and customer-centred services.
Ascent is recognised for its work across collections and recoveries, including litigation, enforcement, field services, tracing and loan servicing. The firm operates under both Solicitors Regulation Authority and Financial Conduct Authority permissions.
Under the terms of the agreement, Ascent will continue to operate as an independent business following completion. Its regulatory permissions and operational structure will remain unchanged.
Hayley Owen, currently chief operating officer at Ascent, will become managing director once the transaction completes. She said the deal represents “a positive step forward” and provides a platform for future growth supported by Lantern’s investment and sector expertise.
The acquisition also aligns with the strategic direction of Irwin Mitchell, which is seeking to focus on its core legal services. The firm has been repositioning its business to prioritise areas such as personal injury, private client and corporate work.
For Lantern, the addition of Ascent is expected to create opportunities for closer collaboration between its existing businesses and to support innovation across the group’s service offering.
The transaction remains subject to regulatory approvals, and no completion date has been confirmed.