NSF business transferred to new firm as winddown progresses
Non-Standard Finance (NSF) says it has completed the transfer of its business to a new company owned by its secured lenders, who have released £70m of debt and provided an additional £40m liquidity.
The announcement comes as NSF announced the completion of its “alternative transaction”, a £14m by wholly-owned subsidiary Ever5yday Loans intended to redress claims and restore the subsidiary to profitable trading.
The Wakefield credit provider said it is still progressing with an orderly winddown it the company, and has asked the Financial Conduct Authority (FCA) to cancel listing of its ordinary shares on FCA’s official list as well as on the London Stock Exchange. Shareholders need take no action at this time, and NSF would provide updates in due course.
The delisting of NSF is scheduled for 8 August.
Group chief executive Jono Gillespie said, “We are delighted that the future of the Everyday Loans business is secure. We can now look to the future with a strong financial platform to grow the business in line with our plans. We are very grateful for the support we have received along the way, particularly from the customers and employees of the Everyday Loans business who have stuck with us during a difficult period.”
NSF had originally proposed to offer 20% of the company to secures lenders in return for the release of £71m secured debt. Thought the scheme initially won the backing of lenders and shareholders in April, its largest shareholder, Alchemy, withdrew its backing in May.
