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.
As a RICS Regulated practice, the company provides chartered surveyor solutions throughout South East England. The business specialises in expert witness services, particularly for housing disrepair and leasehold disputes. The practice is often appro...
Presenting a superbly established ACCA Accountancy practice with £1 million turnover in the Greater London area.
Introducing a well-established SRA regulated private client solicitors’ firm (limited company) in London looking to either merge or sell.
21
|
Nov
|
Omega Plastics in management buy-out | MBO/MBI
Gateshead-based plastics group Omega Plastics Group has unde...
21
|
Nov
|
Antrim-based Texthelp buys EdTech peer Scholarcy | BUSINESS SALE
Texthelp Group, an Antrim-based Edtech has bought peer Schol...
21
|
Nov
|
Ecommerce group Velstar seals third 2024 acquisition | BUSINESS SALE
Liverpool-based ecommerce specialist, Velstar, has made its ...
12
|
Nov
|
Unseen makes acquisition number 8 with Sten10 | BUSINESS SALE
Manchester-based Unseen Group has continued its expansion dr...
07
|
Nov
|
Prestige Flowers hopes to keep blooming after merger | MERGER
Halifax-based online florist Prestige Flowers has merged wit...
12
|
Apr
|
Children’s home service provider secures backing for expansion | BUSINESS NEWS
My Tribe, a residential children’s home service provid...
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.