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Amigo Loans rows back on board appointment as sale process continues

Amigo Loans has withdrawn plans announced in December to appoint a board member, as several parties have expressed an interest in acquiring the firm.

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Richmond Group, which owns 60.66 percent of the lender, announced in January that it intends to sell its controlling stake in the guarantor lender.

 

In its latest update, Amigo said it has received indications of interest from several parties, which have entered into non-disclosure agreements with the company and discussions are ongoing.

 

“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. The board of Amigo reserves the right to alter or terminate the process at any time,” it said.

 

It also announced that Black, currently head of measurement & improvement at Richmond Group, would no longer be appointed to the board as a non-independent non-executive director.

 

It was previously announced in December that Black would join the board, when founder James Benamor, who owns Richmond Group, restored himself to Amigo’s board.

 

That move precipitated the departure of three board members, including chief executive Hamish Paton.

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