Elevate Credit International Limited (05041905): administration
- Status
- Administration ended
- Administration began
- 2020-06-29
- Administrators
- David John Pike, Edward George Boyle
- Administrators' firm
- KPMG
- Formerly
- Think Finance (UK) Ltd; Fortress Group (UK) Ltd; Oasis Financial Services Limited
- Incorporated
- 2004-02-12
- Location
- London
- Industry
- 64921 Credit granting by non-deposit taking finance houses and other specialist consumer credit grantors
Why it went into administration
- Regulatory change or action
- COVID-19
- Sustained trading losses
From the administrators' statement
The Company was incorporated. on 12 February 2004 and was a provider of HCST finance t to consumers in the UK. In 2019, the Company also developed a mid-term finance product (known as a “Sub 100” product). The Company is 100% owned by Elevate Credit Inc, a US entity listed on the New York Stock Exchange which provides similar consumer loans to the US market.
The Company operated froma ‘leasehold premise in Bury St Edmunds and a ‘licenced office space in London. The Company traded exclusively in the UK under the brand “Sunny”, although it had historically offered other, similar products under the brand names “1 Month Loan” and “Quid” until September 2013 and March 2014 respectively.
The Company had 143 employees at the date of our appointment, all of which were working remotely as a result of COVID-19 at that time.
Administrators' statement of proposals (2020-09-04) · Companies House register