Lender Amigo to wind down after failing to secure cash from investors

The statement said: “The fallback solution requires that the trading subsidiary, Amigo Loans Ltd stops lending with immediate effect and is placed into an orderly wind-down, with the result that all surplus assets after the wind-down are transferred to the scheme creditors. In due course, (Amigo Loans Limited) will be liquidated.” It means customers who were due redress payments will lose out on the £15m that Amigo hoped to raise from private investors. But they will still get the rest of the compensation they have been promised.

Chief executive Danny Malone said: “This is a very sad day for all our employees who have worked extremely hard to address historic lending issues and rebuild a new Amigo, and for our shareholders and wider stakeholders who have supported us."