Business
Financial Results for the year ended 31 March 2023
Financial Results for the year ended 31 March 2023.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n\n27 July 2023\n \n \n \nAmigo Holdings PLC\n Financial Results for the year ended 31 March 2023\nAmigo Holdings PLC, (\"Amigo\" or the \"Company\"), a provider of mid-cost credit in the UK that is currently progressing through an orderly solvent wind down of its business, announces results for the year ended 31 March 2023.\n \n \nDanny Malone, Chief Executive Officer commented:\n\"These results come at a very sad time for Amigo. Despite the hard work and dedication of all of Amigo's employees, economic and market conditions made it impossible for the company to raise the capital required to continue lending. Our priority now is to progress the orderly wind down of the business, ensuring we are able to maximise payments to redress creditors, whilst continuing to provide the best level of service possible to our customers and support for our staff. I am grateful to our employees who are giving their all at a very difficult time.\n \n\"I regret that market conditions caused us to be unable to move forward with the new Amigo business. As we announced in June, while we have been engaging with potential providers of investment to allow the business to restart, the Board of Amigo considers the likelihood of success to be very low.\n \n\"I have been proud to both serve as Amigo's CEO and of the many hurdles we overcame despite the final outcome. Whilst there is still work ahead as we complete the wind down, I would like to take this opportunity to thank all our people for their continuing dedication and, as they prepare to leave the business in the months ahead, wish them well for the future.\"\n \n \nOperational Headlines\n· On 23 March 2023 Amigo's Scheme of Arrangement (\"Scheme\"), sanctioned by the High Court in May 2022, switched to the Fallback Solution, which is an orderly wind down of the Amigo Loans Ltd business. All new lending ceased with immediate effect. As a result, the Board has determined that the financial statements will no longer be prepared on a going concern basis (see note 1 of the financial statements).\n· This followed the Board concluding that it would not be able to raise sufficient commitments for funds to meet both the Scheme requirement of an additional £15m redress payment and to provide w...