The Cash Store in administration

[Amethyst]

Almost 120 jobs have gone after payday lender The Cash Store went bust.
The company, which has its UK headquarters in Stockport, has entered into administration with FTI Consulting appointed as administrators.
The Cash Store Ltd is a subsidiary of The Cash Store Financial Services Inc and expanded into the UK from Canada.
It has 506 branches in Canada but its 27 UK outlets - many of which are in the north west - are to close.
Administrators FTI said 13 people have lost their jobs at the company's UK headquarters in Stockport.
Other branches to have suffered are Bolton, Manchester, Rochdale, Blackburn and Preston.
The Cash Store provides a cheque cashing facility which enables the customer to gain instant cash.
The firm also offered the facility to wire transfer money worldwide to more than 135 different countries.
Cash Store Financial operates its Canada branches under the banners "Cash Store Financial" and "Instaloans".
In a statement the administrators said: "Cash Store was loss making and had been reliant on funding from its Canadian parent company which was recently withdrawn.
"Cash Store operated as a pay day loan business from 27 stores in the UK and was FCA regulated.
"The majority of the stores were based in the north west of England and yorkshire.
"Efforts have been made in advance of the administration to seek a buyer of the business as a going concern.
"Unfortunately no offers were received for the business as a going concern. Therefore, the business is ceasing to trade with immediate effect and the loans have been sold to a third party.
"Customers will be contacted in due course by the purchaser of the debts with information on how customer accounts will be handled.
"Unfortunately all of the Cash Store’s 120 employees will be made redundant, the majority with immediate effect.
"The administrators’ team are working with the employees to support them in their applications for statutory entitlements. All employees arrears of wages have been paid in full."
http://www.manchestereveningnews.co....-store-7559308

[Amethyst]

Re: The Cash Store in administration

Oooch - last years accounts show £-6,182,060 Net Worth

[PAWS]

Re: The Cash Store in administration

Oooch - last years accounts show £-6,182,060 Net Worth

Unfortunately no offers were received for the business as agoing concern

No surprise there!

[Amethyst]

Re: The Cash Store in administration

Any idea's who's bought the loan book?

[PAWS]

Re: The Cash Store in administration

Any idea's who's bought the loan book?

Now that is a good question.:confused2: They would probably want to sell all their list in one lump deal, not just the UK ones. Can’t see them being snapped up as quickly as they would have been last year. Don’t know if even Arrow Glob would touch these. I’ll keep my eye on credit today etc.

[PAWS]

Re: The Cash Store in administration

I have been having a snoop and it looks like they were trying to sell their debts for a while but now that they are effectively in Administration I wonder if they can. Wouldn’t the administrators contract someone to collect to appease cash stores creditors?

[Amethyst]

Re: The Cash Store in administration

'' Representative APR 8106.52% '' Ouch.

Registered in England as The Cash Store Ltd
Authorised and regulated by the Financial Conduct Authority
We are on the Financial Services Register and our interim permission number is CCI-630742-020385
Registered No. 06773354
Registered Address: 4th & 5th Floors, Applicon House, Exchange Street, Stockport, SK3 0ER

Administrators Notice

[Amethyst]

Re: The Cash Store in administration

Sounds like the administrators have just sold off the debt book.


Their old website now forwards to a different site, offering to help you out of debt...

SLL Capital is a trading name of Safeloans Ltd who is

Authorised and Regulated by the Financial Conduct Authority
Financial Services Register Interim Permission Number: 271778,
Registered in England and Wales Company Number 2410955
Registered Address: Unit 6B ZK Park, 23 Commerce Way, Croydon CR0 4ZS


The appear to be the purchasers of the debt book

Your original Creditor has sold your account and this has been purchased and assigned to SLL Capital.

Following this assignment SLL Capital are the data controller of your information in respect of your loan account and have the same rights to give information to credit referencing agencies about the personal debt you owe, for example if you have fallen behind with your payments.

We are members of the Credit Services Association (CSA), fully PCI-DSS compliant for payment security; we are registered with the Information Commissioners Office for Data Protection. Authorised and Regulated by the Financial Conduct Authority.

Our aim is to help assist you settle the debt and we have various payment plans and discounted offers available.