Europe’s biggest debt collection group is hoisting a for sale sign above part of its international operations after approaches from bidders.

Sky News has learnt that Lowell Group, which is owned by the private equity firm Permira and Canada’s OTPP pension fund, has appointed bankers to field interest in its business in Denmark, Finland, Norway and Sweden.

People close to the process said a sale could value the business at up to €730m (£610m), although the price could be significantly lower than that sum.

Barclays is overseeing the auction on behalf of Lowell, they added.

The group’s Nordic operations were purchased as a carveout from Intrum, another player in the sector, in 2018.

Its balance sheet portfolios are valued at €475m, with a substantial third-party debt-servicing business in addition.

More widely, Lowell Group has 15m customers across Europe.

In the UK, it competes with the likes of Arrow Global, which is also privage equity-backed.

In its last financial year for which results are available, it reported cash earnings before interest, tax, depreciation and amortisation of £774m.

A spokesman for Lowell declined to comment.