Jobs lost as pay day lender folds

SOME 120 jobs have been lost across the North West and Yorkshire following the collapse of Stockport-based pay day lender The Cash Store.

Administrators at FTI Consulting have been appointed to handle the company’s affairs and have closed down all 27 shops after failing to find a buyer.

The loan book appears to have been sold to Croydon-based SLL Capital as its website now appears at the Cash Store’s web address.

The Cash Store, which employed 13 staff at its Stockport head office, is a subsidiary of Canada-based Cash Store Financial Services which withdrew its support last month.

In a statement the administrators said: “Cash Store was loss making and had been reliant on funding from its Canadian parent company which was recently withdrawn.

“Efforts have been made in advance of the administration to seek a buyer of the business as a going concern. Unfortunately no offers were received for the business as a going concern. Therefore, the business is ceasing to trade with immediate effect and the loans have been sold to a third party.”