The sale of 1st Credit, the debt collection company, has been put on ice after its private equity owner Bridgepoint decided takeover bids were too low and it could keep expanding the company instead via acquisitions.

Bridgepoint, which acquired 1st Credit for £72m four years ago, received offers for the company from three private equity groups: Warburg Pincus, BC Partners and Bain Capital, after an auction run by Citigroup.