You are here: Home - Credit Cards & Loans - News -

High interest lender Amigo Loans up for sale

Written by:
Guarantor lender Amigo has put itself up for sale and launched a strategic review amid "a challenging operating environment”.

Richmond Group, which owns a 60.66% stake in Amigo, has kicked off a formal sales process and said it is a “willing seller” of the business.

The company said it was concerned about increased regulation and “a continual evolution in the approach of the Financial Ombudsman Service.”

Amigo offers high interest loans to people with poor credit history, allowing them to name family or friends as guarantors.

In a statement, Richmond Group said: “The strategic review will consider various aspects of the Company’s strategy, ownership and operating model, including the potential sale of the Company as a whole, the sale of parts of the group, reorganisation of entities within the Company’s group, the sale of the UK business, the sale of certain books of business including a potential de-listing of the Company’s shares.”

The company confirmed it has not yet received any approaches from interested parties.

A spokesperson for Amigo confirmed it was business as usual for customers.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Squares and Gardens are home to Britain’s priciest properties

Britain’s most expensive homes are found in squares where average properties are valued at half a million pounds, research reveals.