205 jobs saved as pay day lender sold out of administration
A pay day loan company, which has an office in Nottingham, has been sold out of administration.
CURO Transatlantic, which traded as WageDayAdvance and Juo Loans has been sold to Shelby Finance, saving 205 jobs.
The accounts of some 50,000 customers will also be transferred to Shelby. However, over 650,000 other customer accounts, both current and historic, remain with CTL
Administrators Howard Smith and Ed Boyle of KPMG brokered the deal.
Boyle said: “We are pleased to have secured the sale of the business to Shelby, which is the best available outcome in the circumstances for CTL’s creditors and other stakeholders. CTL was subject to a significant number of consumer redress claims arising from its historic affordability, creditworthiness and responsible lending practices. Over time, and with the number of claims increasing, the financial and operational burden of resolving them became unsustainable. The joint administrators will now work to realise the remaining assets of the Company and to then distribute the available funds to creditors.”
Smith and Boyle were also today appointed as joint administrators of SRC Transatlantic (SRC), CTL’s UK holding company. SRC operated formerly as a short-term, high-interest lender via a small number of high-street stores under the brand name Speedy Cash and stopped lending in 2017.