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Loanoptions.co.uk enters administration
Loanoptions.co.uk has gone into administration, restructuring its business under new investors Merchant Business Finance Limited.
Simon Wilson and Anne O'Keefe, partners in the international firm of restructuring specialists Kroll Limited, have been appointed as administrators of the company.
Meanwhile, Loanoptions.co.uk's pipeline business, assets and staff have been transferred to Merchant Business Finance, under the new trading name of Loan Options.
Andy Moody, managing director of Loan Options, said: "We have implemented a new structure, which safeguards the future of existing Loanoptions' business, provides continuity of service to our intermediary partners and strengthens the relationship with our product providers.
"Loan Options now becomes a trading name of Merchant Business Finance Limited, but the net effect will be that our products, service, commissions and pipeline business remain unaffected by the changes. Introducers will see no marked changes.
"While many businesses are failing and leaving staff and introducers out of pocket, we have attracted new investment at a time when funding is largely non existent.
"Our business model is well established and the restructuring safeguards the future of the group and lays the foundations for a successful future."
