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Already trialling home/hub working in preference to keeping a Network, which would see delinquent accounts rise when collected Centrally. Get what you can before they close the doors..
So opening new larger offices and not requiring customers to visit smaller local offices so much (a likely more cost effective model and a model proven during the pandemic) is a negative signal? Their underwriting/affordability procedures are what 'likely' (DYOR etc) impressed the FCA and those have been further strengthened in the last year particularly on affordability. Guarantor loans was also a far smaller part of this operation than most Peers e.g. our old friends over at Amigo (having a bad day today!). If I had to guess what Alchemy were looking at now I would guess they are weighing the strength of the current loan book Vs any negs from the FCA and redress and IMHO DYOR etc the former significantly outweighs the latter hence strong buy at these prices.
Newstart03,
many thanks for your reply.
I found that piece, it's not clearly pointed out it's a virtual office, more likes a regional headquarter office/hub for me.
everyday loan might put a new management layer between the general head office and each local branches, to improve management efficiency.
IMHO,please DYOR.
He is called Andi Buckley and used the # “future” and “future proof”. Suggests that’s the future, so won’t need branches/local staff.
They always said it was meeting customers in person that made the difference between their credit and the online lenders. And if they close branches the current loans will be collected by different staff to the ones that made the loan, that can’t help.
People wrongly think Everyday are insulated from the Guarantor Loans FCA/redress fiasco. In reality the Everyday legal entity wrote loans under the brands Duo and Trusttwo then George Banco. The “Guarantor” division held staff, not the loans for the majority of the time GeorgeBanco was owned by them and trading.
although i do not like your conclusion, but i like the way you do your research.
I did some google /linkedin search, but could not get what your posted information.
is it ok for you to paste your link or that manager name so I could do it on linkedin?
TIA
A senior Everyday Loans manager just posted on LinkedIn that they have opened “Central 3”, a third large office that won’t require customers to physically visit a branch. If this move away from local branches fails I expect to see Alchemy bailing on the company. If it works then presumably we will see 3 or 4 more “Centrals” open up, closure of the 76+ small branches & mass redundancies. CEO Wiggins closed the European Citi network and Egg, is he on for a hat trick of closures?
What chance of a decision this year, take one more provision and attempt to start 2022 with a clean slate?
DYOR but I don’t believe they can untangle the guarantor loans redress from Everyday (which legally wrote a lot of them), and Administration is the only possible way forward. But the FCA will be determined to avoid a “Phoenix” operation starting up. This could explain the long delay in any news on that front. Would be easier to let the business fail and try to start afresh with a new team.
Feels like the end is in sight for NSF and Everyday Loans. Get out while you can.