Insolvent North West payday lender to close

Tue, 05 Aug 2014 | ADMINISTRATION

The Cash Store Ltd, a North West–based payday lender chain, has collapsed into administration with the loss of 120 jobs.

The Stockport-headquartered business is now being taken care of by administrator FTI Consulting.

It is a subsidiary of The Cash Store Financial Services Inc and had expanded overseas into Britain from Canada, where it has 506 outlets. Its 27 UK branches - located in the North West and Yorkshire - are now set to be shut down.

The Cash Store, which was FCA regulated, had been under performing and leaned heavily on its Canadian counterpart. Attempts to find a buyer for the business prior to entering administration were unsuccessful.

The administrators said in a statement: “Unfortunately no offers were received for the business as a going concern. Therefore, the business is ceasing to trade with immediate effect and the loans have been sold to a third party.”

Customers can expect to be contacted regarding the new owner of the debts to inform them of how the accounts will be managed going forward.

The Cash Store’s staff have been paid all arrears of wages and are being helped by the administrators to apply for statutory entitlements.

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