Loading AI tools
From Wikipedia, the free encyclopedia
Amigo Holdings is a guarantor loans / subprime lender.[2] It is listed on the London Stock Exchange.
Company type | Public |
---|---|
LSE: AMGO | |
Industry | Finance |
Founded | 2005 |
Founder | James Benamor |
Headquarters | Bournemouth |
Area served | United Kingdom |
Key people | Jonathan Roe, Chairman Danny Malone, CEO |
Services | Guarantor loans |
Revenue | £210.8 million (2018)[1] |
£66.1 million (2018)[1] | |
£50.6 million (2018)[1] | |
Website | www www |
The company was established as a mid-cost[3] guarantor loans lender by James Benamor in 2005.[4] Benamor stood down as CEO, handing over the role to Glen Crawford, in 2015.[4] In June 2018 the company was the subject of an initial public offering on the London Stock Exchange which valued the company at £1.3 billion.[4]
The company announced in July 2020 that it would be providing at least £35 million in order to address consumer complaints regarding lack of checks on affordability when taking out a loan.[5]
Amigo Holdings trading as Amigo Loans was involved in a case in Redhill County Court on 14 September 2016, when a Miss Abbas successfully defended a claim of circa £5,000 by Amigo Holdings on the basis that she never received a copy of the loan agreement.[6]
On 1 June 2021, it was reported that Amigo faced possible bankruptcy after a High Court judge rejected an attempt by the company to cap payouts to customers. Gary Jennison, Chief Executive Officer of Amigo, commented: "Without a scheme, Amigo faces insolvency as it will be unable to satisfy its customer compensation claims as well as meeting the legally binding funding obligations owed to its secured creditors."[7]
The company is a business which issues mid-cost[8] loans with payments guaranteed by a borrower's family or friends.[9] The amount lent is up to £10,000, with a 49.9% APR, higher than loans from mainstream banks, but lower than high-cost products such as payday loans or rent-to-own.[10] The company has secured around 88% of the guarantor loan market in the UK.[11]
Approximately 61.4% of the company was owned by Richmond Group, a business controlled by James Benamor, the founder.[12] Benamor sold his complete shareholding in June and July 2020 after failing to change the composition of the Board of Directors.[13]
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.