Elevate Credit : KPMG - Administrators appointed to Elevate Credit International

Ed Boyle and David Pike of KPMG's Restructuring practice were appointed joint administrators of Elevate Credit International Limited ('ECIL') on 29 June 2020.

ECIL provided consumer loans under the brand 'Sunny', and previously also provided consumer loans under the '1 Monthly Loan' and 'Quid' brands.

The business had been under sustained financial pressure for some time, which was then exacerbated by the current crisis. As a result, the directors took the difficult decision to appoint administrators to the business.

ECIL operated as a UK subsidiary of Elevate Credit. This will not impact other Elevate Credit brands or operations.

Following the appointment of the Joint Administrators, all new lending has ceased, but the company continues to collect in its loan book from its circa 50,000 customers.

Customers should continue to make repayments of existing loans in the usual way, and interest is continuing to accrue on outstanding loans as usual.

Current and former customers of ECIL are encouraged to view the Frequently Asked Questions on the Sunny website, Sunny.co.uk which provides further information.

The company employed approximately 143 staff at its offices in London and Bury St Edmunds. While the joint administrators have retained the majority of staff while they assess options for the business, it is with regret that they confirm 32 redundancies today. The joint administrators will be working with the employees affected over the coming days to provide them with any and all support they need.

Contact:

Katy Broomhead

Tel: [phone]

Email: [e-mail]

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of GBP2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

(C) 2020 Electronic News Publishing, source ENP Newswire