£70m assets of Wonga ‘worth less than half’
Industry News | 16/11/18
The administrators of Wonga have revealed that the defunct payday lender’s assets are worth only a fraction of the value estimated when it collapsed over the summer.
A document filed yesterday by Grant Thornton said that the total value had been put at more than £70 million. However, the estimated proceeds from selling its various assets were likely to raise less than £30 million, it said.
Wonga had been Britain’s biggest payday lender and less than a decade ago appeared on the cusp of a $1 billion New York stock market listing until an outcry over its interest charges, which were 4,214 per cent, led to changes that dramatically curtailed its profits.
Source: The Times