Amigo to wind down after unsuccessful capital raise

Industry News | 28/03/23

Last week, we heard the unfortunate announcement from Amigo Loans that it is to wind down the business, having been unsuccessful in raise capital and investment to fund it proposed Scheme of Arrangement. Amigo’s Scheme of Arrangement was sanctioned by the High Court in May 2022, meaning the firm had to raise initial funds and capital of £45million by May 2023. In their announcement, they advised that they have been unable to secure the funds and it is unlikely they will be able to do so. As such, the firm will wind down the business over the next 12 months.
Source: Amigo