Administration looms for established lender

A Wakefield-based business which specialises in providing small short term loans has filed a notice of intention to appoint an administrator.

Naylors Finance Ltd, which has posted the notice via law firm Walker Morris, employed 39 staff in 2022, according to its financial report for the year ended 31 July 2022.

In the same period, the business saw its turnover drop from £11m to £4.7m and it reported a pre-tax loss of £1.4m (2021: £3.8m pre-tax profit).

The family-owned firm, located in Horbury Bridge, Wakefield, has been trading for more than 40 years and offers personal loans of £250 to £1,000 to people across the UK via its online portal.