Loanmakers bought out of insolvency
MORE than 30 North West jobs have been saved at collapsed financial services business Loanmakers.
Former chief executive Ges Ratcliffe’s new business, Creditflex Loans and Mortgages, has bought the online firm out of administration, saving 33 jobs.
Bolton-based Loanmakers called in administrators from BDO Stoy Hayward earlier this week. Last month it suspended shares trading due to uncertainty over its financial position.
BDO said four people had been made redundant after a review of the business and that an immediate sale of the business to Creditflex Loan and Mortgages had been achieved.
Dermot Power, Joint Administrator and partner at BDO Stoy Hayward, said: “The immediate sale out of administration to Creditflex Loan and Mortgages Limited has helped to protect 33 regional jobs.”
Since losing its chief secured loan provider First Plus last year, Loanmakers had been trying to secure funding after shareholders rejected a £1.86m open offer.
The firm, formerly called Debtmatters, last year sold its Individual Voluntary Arrangements business – which allowed heavily indebted consumers to avoid bankruptcy by paying back debts over a longer time – due to falling fees.
