FCL Consumer Finance Ltd (07694453): administration
- Status
- Administration ended
- Administration began
- 2023-03-17
- Administrators
- Richard Heis, Edward George Boyle
- Administrators' firm
- Interpath Advisory
- Formerly
- FCL (UK) Limited; First Class Lending Ltd
- Incorporated
- 2011-07-05
- Location
- London
- Industry
- 64921 Credit granting by non-deposit taking finance houses and other specialist consumer credit grantors
Why it went into administration
- COVID-19
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 5 July 2011 and was founded by students at the University of Warwick and the University of Hertfordshire. The Company trades as ‘SmartPig’ and is a provider of short-term consumer loans to university students.
The Company experienced significant financial issues following the impact of the COVID-19 pandemic on student borrowing, which were then further exacerbated in January 2023, when the Company’s Baltic banking partner was unable to provide additional funding in the wake of the war in Ukraine.
At the date of our appointment, the Company had 10 employees and traded from leasehold premises at Plato Close in Warwick. The premises have since been vacated.
Administrators' statement of proposals (2023-05-03) · Companies House register