.M15 May 2018 08:37
Mixed bag:
Although the Company will retain its licence to operate in the US, the remainder of the US operation, including the small office in New York, the outsourced customer service operation and the outsourced legal and compliance functions will be closed. This will result in considerable cost savings, with overall monthly cash burn reducing by approximately 35 per cent. The business will be left focused exclusively in the UK and the target overall number of customers required to reach profitability at the net level will fall significantly.