Lafferty Limited (04621222): administration
- Status
- Administration ended
- Administration began
- 2020-03-18
- Administrators
- Virgil Levy
- Administrators' firm
- La Business Recovery
- Incorporated
- 2002-12-18
- Location
- Uxbridge
- Industry
- 66190 Activities auxiliary to financial intermediation n.e.c.
Why it went into administration
- Bad debts / customer insolvency
- Sustained trading losses
- Loss of key people
- Weather / natural events
From the administrators' statement
Lafferty Limited (“LL”) provides specialist research and related services to banks and financial services clients around the world. Clients join membership groups known as councils which meet two to three times a year in confidential sessions to share best practices and brainstorm the future of the industry. Members also receive leading-edge research reports, newsletters and a concierge service as part of their membership deliverables.
When first launched in the mid-1990s memberships tended to renew automatically every year. Today, however, virtually every membership becomes a bespoke negotiation — with clients routinely switching deliverables from one year to the next. The extensive research services of LRL have facilitated this process in a way that was not previously possible.
With a particular focus on retail banking and Fintech [financial technology], the recent history of the company dates from 2018 when it suffered a massive bad debt and had no choice but to compromise with creditors through a Company Voluntary Arrangement, from which it emerged in April 2019. Lafferty Ltd became a shadow of its former self.
Administrators' statement of proposals (2020-05-21) · Companies House register