Chief executive at beleaguered loans firm steps down

The chief executive of beleaguered loans company Amigo Holdings has resigned.

Danny Malone was bought in with the aim of turning around the Bournemouth based firm which offered sub-prime loans.

The company had been at the centre of a series of complaints around mis-selling and as a result struggled to raise the funds it needed to survive.

The decision was taken earlier this year to wind the business down over the next 12 months.

Malone has resigned from his role as chief executive and board member subject to serving out his six month notice period to ensure the continuation of the solvent and orderly wind-down of the business.

He said: “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.”

Chair Jonathan Roe said: “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.”