Peer-to-peer platform, Business Loan Network has been placed into administration.
Business Loan Network was formally known as Thincats. In December 2019 ThinCats left the retail peer-to-peer lending market to focus on institutional funding. After consultation with the FCA it started a managed run-off plan for its peer-to-peer business, for loan recovery and distribution to lenders.
In February of 2021, ThinCats moved all of its peer-to-peer lender communications and services to sister brand, Business Loan Network.
Note that ESF Capital is the parent company to both.
Now, Krolls’ Geoff Bouchier and Robert Armstrong have been appointed joint administrators to Business Loan Network.
Joint administrator, Geoff Bouchier explained that the company directors took this difficult decision to protect the creditors, based on the company’s current and likely financial position. He stated ‘’It is the intention of the joint administrators to continue to wind-down the remaining loan book during the Administration process. The administrators have appointed ESF Capital, the company’s parent which has been providing services to support the managed run-off plan prior to the administration, as wind down servicer to assist in this process.”
On behalf of the platform, ESF Capital will continue to be the primary contact with borrowers and lenders. Lenders will also keep access to the company’s portal online, including having ability to internally message on the portal.
All other entities of the ESF Group continue to trade as usual. ESF Capital, trading as ThinCats, remains as a going concern and continues to trade.
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