End is in sight for Amigo as former payday loan provider struggles to find a buyer Amigo Amigo Loans has said it expects to be mostly liquidated in the first half of next year as the firm continues to wind down its historic lending business.
Amigo says talks for potential deal fell through – as liquidation looms Payday If it cannot find a “viable alternative” there will be nothing left for shareholders and the business will need to be liquidated, Amigo said.
Amigo: Subprime lender’s mooted switch to music streaming at end of the road Finance Amigo's last ditch attempt to salvage value for shareholders through a reverse takeover have hit the end of the road.
Amigo plots 11th hour music and film streaming move October 17, 2023 Embattled UK subprime lender Amigo is exploring a shift into the music and film streaming market in a last ditch attempt to salvage value for shareholders.
FTSE 100 live: London markets close lower on strong pound ahead of Fed and ECB next week June 9, 2023 Markets in London closed lower on Friday as a stronger pound and uncertainty over the global economy weighed on investor sentiment. The FTSE 100 closed 0.5 per cent lower while the FTSE 250 finished the week 0.1 per cent lower. Caution was the watchword in London today ahead of next week, which will be big [...]
Lifeline for Amigo? Shares in subprime lender rocket on potential investment from shareholder June 9, 2023 Shares in Amigo surged after it agreed an exclusivity agreement with shareholder and financier Michael Fleming, raising the possibility of a debt investment in the subprime lender. Exclusivity agreements mean borrowers can not obtain funds from any other source. Fleming’s period of exclusivity expires on 6 September this year. Its shares were trading over 200 [...]
Amigo boss resigns as subprime lender continues wind down May 16, 2023 The chief executive and director of controversial subprime lender Amigo resigned from his role yesterday as the firm continues its wind down. Danny Malone, who joined Amigo last year, will step down after serving his 6-month notice period to ensure “the continuation of the solvent and orderly wind-down of the business”. Malone said he joined [...]
High-cost lenders pose ‘increased’ risk as cost of living rises, FCA warns October 6, 2022 High cost lenders need to tighten their lending criteria as cash-strapped Brits turn to debt to cope with the rising cost of living, the financial watchdog has warned.
Amigo Loans cuts ties with KPMG following ‘competitive tender’ September 5, 2022 Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor. The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts. KPMG said in a [...]
Amigo customer base halves despite promises to return to lending August 25, 2022 Amigo’s customer base has halved over the past year, despite promises it will return to lending by February next year and undergo a capital raise. The beleaguered lender, which stopped lending in 2020 in order to deal with mis-selling complaints, has also had its revenue plummet nearly 70 per cent in the three months to [...]