Board change

Amigo Holdings PLC

16 May 2023

 

16 May 2023

Amigo Holdings PLC

Board change

Amigo Holdings PLC ("Amigo" or "the Company"), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind-down, has been notified of the board change detailed below.

On 15 May 2023 Danny Malone resigned from his role as CEO and Director, subject to serving out his 6 month notice period to ensure the continuation of the solvent and orderly wind-down of the business.

Danny Malone, CEO: "I joined Amigo last year as I could see the potential of the new proposition, RewardRate, in a market which is crying out for supply. I would like to thank our teams who have shown remarkable resilience and commitment over what has been a very challenging period and to everyone for the culture we have built in such difficult circumstances. Unfortunately the investment market, particularly into the sector in which Amigo operates, was extremely difficult and we were unable to raise the capital required. As a result the business is in wind down, which will have progressed enough over the next six months for me to hand to others to complete."

Jonathan Roe, Chair: "Danny was a tireless leader of the executive team in our search to secure commitments for new financing for Amigo, which unfortunately proved impossible to secure. He was also integral to getting our RewardRate product into the market.  As Amigo is now required to wind down under the terms of its Scheme of Arrangement, Danny's resignation is another sad day for the Group."

ENDS

Enquiries

Company
Amigo Holdings PLC	[e-mail]
Kate Patrick	Investor Relations Director
Roger Bennett	Company Secretary
Media enquiries	[e-mail]
Tony Langham	07979 692 287
Louis Wilson	07950 970 366

About Amigo Loans

Amigo is a public limited company registered in England and Wales with registered number 10024479. The Amigo Shares are listed on the Official List of the London Stock Exchange. On 23 March 2023 Amigo announced that it has ceased offering new loans, with immediate effect, and would start the orderly solvent wind-down of the business. Amigo  provided guarantor loans in the UK from 2005 to 2020 and unsecured loans under the RewardRate brand from October 2022, offering access to mid‐cost credit to those who are unable to borrow from traditional lenders due to their credit histories. Amigo's back book of loans is in the process of being run off with all net proceeds due to creditors under a Court approved Scheme of Arrangement. Amigo Loans Ltd and Amigo Management Services Ltd are authorised and regulated in the UK by the Financial Conduct Authority.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

 

END