Irwin Mitchell is set to acquire debt collection company PDP Management Services through subsidiary arm Ascent, marking the firm's bid for a sixth alternative business structure (ABS) licence.

The deal, which is subject to approval from the Solicitors Regulatory Authority (SRA), marks the firm's first takeover since it received its first five ABS licences for companies within its group structure – which included Ascent – in August.

PDP, which will retain its branding and Banbury base while operating as part of the Irwin Mitchell group, employs 30 people, and provides field agency and support services to utility companies and other financial institutions.

The firm refused to comment on the value of the acquisition. It is not known how long approval will take, after the firm waited eight months for its first five licences to be granted.

Ascent chief executive officer Mark Higgins commented: "Ascent and PDP both offer high quality services to major financial institutions, reflected in both companies' high rankings in major clients' own ratings for service and quality.

"Bringing both companies together will enable us to combine that quality and offer improved value for money to current and future clients through our shared expertise and even stronger infrastructure going forward."

Irwin Mitchell's ABS approval came around the same time as Parabis Group received its ABS licence on 20 August. Parabis chief executive Tim Oliver recently criticised the timeframe of the process, which saw its external investment deal with private equity house Duke Street delayed.