A payday lender which billed itself as ethical and is owned by a major shareholder in Bristol City Football Club has decided to wind itself up.
A resolution for winding-up Cheshire-based Ernest Anthony Limited, which trades as payday loan company Friday Friday, was published on the London Gazette on 5 September 2013.
Ernest Anthony Arathoon is named as a director of the company and has been a major shareholder in Bristol City Football Club since 13 June this year.
Ernest Anthony Limited was incorporated on 9 January 2012 and was founded by Arathoon and Jason Gardiner. Arathoon brought the petition to wind up the company himself.
Samantha Hawkins, of Hawkins and Company in Wrington, North Somerset, has been appointed as insolvency practitioner in relation to the winding-up of the company.
A meeting of creditors took place today (12 September 2013 at 10.30am) at Hawkins and Company.
Hawkins said: “Mr Arathoon acted responsibly in ensuring losses were stemmed and no creditors were put at risk of incurring further losses, himself sustaining significant personal costs in the process.
“Unless companies such as this have access to sufficient working capital to challenge the big players such as Wonga, then they will fall over.
“In this case, as liquidator, I am glad that there are not thousands of clients who have lost their money.”
Friday Friday describes itself as an “ethical payday lending” company which provides short-term loans but which allows borrowers to defer their loan for a limited period.
Hawkins confirmed that the company has ceased trading, although a statement on FridayFriday.com said: “The FridayFriday website is currently undergoing essential maintenance. We hope to be back with you soon.”