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Payday lender collapses into administration 4 July 2013

Payday lender Speed-E-Loans.com Ltd has collapsed into administration just months after publishing results which revealed the firm needed new funds to continue trading.

Administrators were appointed to the company today (4 July), with the case handed to Alan Simon of Accura Accountants Business Recovery Turnaround.

Speed-E-Loans.com once sponsored World Championship snooker players Ali Carter and Joe Perry, and made headlines in January 2012 for claiming demand for payday loans trebled over the Christmas period.

But the firm subsequently suffered a downturn with its latest set of financial results – signed off in December 2012 – revealing the directors were seeking a long-term debt facility to continue trading.

Since then Stuart Mitchell and Danny Miller – the only remaining directors listed in the results statement – have been terminated as directors of the business on Companies House.

In the accounts statement the firm’s auditor, BDO, reported: “The directors are in negotiation for a long term debt facility to fund future development and expansion, however the drawdown of these funds is dependent on a number of conditions being met.

“These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.”

The results also revealed that in August 2012 the company parted ways with former chief executive, Gary Miller-Cheevers, who is now listed as a director of Early Payday Loan Limited, a subsidiary of pawnbroker Albermarle & Bond.

His departure also prompted the settlement of an outstanding loan he had with the company, which the directors chose not to provide further information about on the basis it would be “seriously prejudicial” to do so.

By Alex Cardno

 

 

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