Board hire as troubled lender continues reverse takeover plans
The parent company of troubled lender Amigo Loans, which is looking at launching a reverse takeover of the business, has made an addition to its board.
In March, bosses at Bournemouth-based Amigo Holdings announced that is looking at a deal to resurrect the brand.
Amigo Loans is currently being wound down after it ceased operating last year.
The company had faced financial difficulties after being ordered to make compensation payments to former and current customers over historical complaints.
Now Amigo Holdings, which announced in March that it appointed Jim McColl to act as a board consultant, has said McColl will join the board as a non-executive director.
He will continue to help identify potential strategic opportunities for Amigo to continue as a listed company by way of a reverse takeover.
Amigo said the work on identifying potential RTO candidates “continues to make meaningful progress, which would deliver some value to shareholders that would otherwise not be possible. However, there can be no certainty that a reverse takeover will take place.”
Amigo said McColl brings nearly 30 years’ experience of creating investor value by building businesses.
McColl has specialised in creating investor value by building businesses for nearly three decades. Over that period, he has invested in 20 platform acquisitions, overseen 15 exits including two public listings and led a number of public to private transactions, mergers, demergers, spin outs and turnarounds.
Jonathan Roe, chair, said: “Since March, Jim has been a board consultant assisting the board in identifying potential strategic opportunities for Amigo to continue as a listed company by way of a reverse takeover. We are delighted that Jim has agreed to join Amigo’s board as a non-executive director to continue to seek a better outcome for Amigo shareholders. There is no guarantee that a transaction will result, but with Jim’s track record and work to date, we believe we have increased the possibility of being able to do so.”
McColl said: “I have been working with the Amigo team for several months and have found them to be passionate and hard working. I am delighted to join the Board at this time to help try to find a new role for Amigo. A particular area of interest will be to explore the opportunity to build Amigo through acquisition as a wealth management focused group, supporting SMEs and high net worth individuals, as well as potentially providing back-office software solutions to support other developing finance platforms.”
