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4 Sep 2018 07:00
4 September 2018
Amigo Holdings PLC (the "Company")
Directorate change
The Company has been notified by its major shareholder, Richmond Group Limited ("Richmond"), that, as a small family office, it no longer wishes to be represented on the Company's board of directors, in order for Richmond to be able to fully focus its energies on private investments in which it can play an active role. As a result, James Benamor, as Richmond's representative director, has notified the Company of his intention to resign from the board with effect from the end of September 2018.
Richmond will retain its rights under the relationship agreement entered into with the Company on 29 June 2018.
The Board would like to thank Mr Benamor for his valuable contribution to the Group as founder and looks forward to continuing engagement with Richmond as a major shareholder.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014 ("MAR").
Ends
Contacts:
Hawthorn Advisors amigo@hawthornadvisors.com
Lorna Cobbett Tel: 020 3745 4960 / 07771 344 781
Victoria Ainsworth
J.P. Morgan Cazenove (Joint Corporate Broker) Tel: 020 7742 4000
Ina De
Kamalini Hull
RBC Capital Markets (Joint Corporate Broker) Tel: 020 7653 4000
Oliver Hearsey
Marcus Jackson
Notes to Editors:
About Amigo Loans
Amigo is the leading company in the UK guarantor loans market and offers access to credit to those who are unable to borrow from traditional lenders due to their credit histories.
The guarantor loan concept introduces a second individual to the lending relationship, typically a family member or friend with a stronger credit profile than the borrower. This individual acts as guarantor, undertaking to make loan payments if the borrower does not.
Amigo was founded in 2005 and has grown to become the UK's largest provider of guarantor loans, with approximately 88% UK product share as of 31 March 2018. In the process, Amigo's guarantor loan product has allowed borrowers to rebuild their credit scores and improve their ability to access credit from mainstream financial service providers in the future.
Amigo operates within the mid cost credit market providing a simple and transparent product - a guarantor loan at an APR of 49.9%, with no fees, early redemption penalties or any other charges.
Amigo Loans Ltd is authorised and regulated in the UK by the Financial Conduct Authority (FCA).
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