Mon, 19 Apr 2021 | DIVISION SALE
Business Loan Network, a peer-to-peer lending business, has announced that it has fallen into administration.
Formerly known as ThinCats, the business originally exited the retail peer-to-peer lending market in December 2019 to focus on its growth within institutional funding. As part of this strategy, it started a run-off plan for its peer-to-peer business and migrated its lender communications and services to sister brand Business Loan Network.
However, the firm has since decided to call in the administrators in a bid to protect the ongoing interests of its parent company ESF Capital. In a statement they said: "The directors of the company took this decision, having regard to the company’s present and likely future financial position, in order to protect the interests of its creditors as a whole."
Commenting on the announcement, joint administrators Geoff Bouchier and Robert Armstrong of Kroll said: "It is the intention of the joint administrators to continue to wind-down the remaining loan book during the administration process.
"The administrators have appointed ESF Capital, the company’s parent which has been providing services to support the managed run-off plan prior to the administration, as wind down servicer to assist in this process."
The administrators added that ESF Capital will continue to be the main contact for borrowers and lenders as they look to the future of the company. Lenders will also continue to have access to the company's online portal, including its internal messaging system.
All other branches of the ESF Group will continue to trade as normal and ESF Capital, trading as ThinCats, will remain as a going concern.
View the latest distressed UK businesses here.
The company’s offering comprises intelligent, realistic consultancy services in line with each client’s specific requirements and budget. This is backed up by engineers with a strong working knowledge of each business’s infrastructure, thus enabling...
LEASEHOLD
An outsourced employment law and HR specialist offering a comprehensive range of services for clients throughout the UK.
LEASEHOLD
A specialist consultancy providing project controls/planning, design management and workflow optimisation support for clients across the UK, the USA and the EU. The company’s comprehensive service offering helps clients plan, manage and control th...
LEASEHOLD
30
|
Jan
|
Bakery manufacturer acquired at 6.3x underlying earnings | BUSINESS SALE
Bakery firm Lees Foods has been acquired by listed bakery bu...
30
|
Jan
|
“Unique” intellectual property for sale as disability equipment firm enters by liquidation | ADMINISTRATION
The assets and intellectual property of disability equipment...
27
|
Jan
|
Administrators to sell assets as office furniture maker collapses | ADMINISTRATION
Bluespot Furniture, a West Yorkshire-based furniture manufac...
Sign up to receive our acquisition alert emails to get your FREE guide
29
|
Jan
|
IFA receives funding to support acquisitions | BUSINESS SALE
Independent financial advisor (IFA) Thorntons Investment Man...
06
|
Mar
|
Luxury cashmere business completes MBO | MBO/MBI
Heritage Cashmere, a West Yorkshire supplier of high-end cas...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources