 | |
| Type | Public |
|---|---|
| LSE: AMGO | |
| Industry | Finance |
| Founded | 2005 |
| Founder | James Benamor |
| Headquarters | Bournemouth |
Area served | United Kingdom |
Key people | Jonathan Roe, Chairman Gary Jennison, CEO |
| Services | Guarantor loans |
| Revenue | £210.8 million (2018) [1] |
| £66.1 million (2018) [1] | |
| £50.6 million (2018) [1] | |
| Website | www www |
Amigo Holdings is a guarantor loans / subprime lender. [2] It is listed on the London Stock Exchange.
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]
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