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.
Established in 2007, this business specialises in high-quality appointment setting and lead generation services across multiple industries, including contract cleaning, HVAC, insurance, education, and construction.
London based IFA offered with the team looking to remain and client loyalty in place, this business can continue to operate efficiently.
Midland based IFA on the market with just 110 households, this business is able to operate very profitably and you would be bolting on valuable clients and staff.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
12
|
Apr
|
Children’s home service provider secures backing for expansion | BUSINESS NEWS
My Tribe, a residential children’s home service provid...
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
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.