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.
______________________________________________________________________
Related information:
The administrators' contact details
Financing your acquisition
Represents an opportunity for an acquirer seeking a three surgery, predominantly private dentistry located in Pembrokeshire.
FREEHOLD
Predominately NHS dental surgery with scope for physical expansion, private growth and extended services.
FREEHOLD
Represents an opportunity for a dental practice acquirer seeking a seven surgery mixed dentistry operating since 1978.
FREEHOLD
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.