CLS Finance Limited (05032892): administration
- Status
- Administration ended
- Administration began
- 2020-03-26
- Administrators
- Lee Antony Manning, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 2004-02-03
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- COVID-19
- Regulatory change or action
From the administrators' statement
The Company was incorporated 3 February 2004 and trades from Unit 2 Alexandra Street, Hyde, Cheshire SK14 1DX. CLS offers lending to individuals for the purchase of used motor vehicles, specialising in the subprime lending sector.
As a subprime lender, the Company deals with consumers that would otherwise be excluded from obtaining finance. The Company provided customers with either a hire purchase agreement or credit sale agreement {this product was eventually discontinued) to fund the acquisition of a motor vehicle. Customers would then repay these funds on either a weekly or monthly basis.
The Administrators are advised that on an annual basis, the Company provided approximately 5,000 consumers with motor vehicles. CLS received its introductions to clients through its sister company, CRS’ network of second-hand motor vehicle dealerships throughout the UK. CRS would provide the motor vehicle to the customer with CLS providing the customer with the finance to fund the acquisition of the same.
Administrators' statement of proposals (2021-01-21) · Companies House register