Amigo Holdings

Amigo Holdings is a guarantor loans lender.[2] It is listed on the London Stock Exchange.

Amigo Holdings
TypePublic
LSE: AMGO
IndustryFinance
Founded2005
FounderJames Benamor
HeadquartersBournemouth
Area served
United Kingdom
Key people
Jonathan Roe, Chairman
Gary Jennison, CEO
ServicesGuarantor loans
Revenue£210.8 million (2018)[1]
£66.1 million (2018)[1]
£50.6 million (2018)[1]
Websitewww.amigoloans.co.uk
www.amigoplc.com

History
Amigo Holdings' offices in Bournemouth

The company was established as a mid-cost[3] guarantor loans lender by James Benamor in 2005.[4] Benamor stood down as CEO, handing over the role to Glen Crawford, in 2015.[4] In June 2018 the company was the subject of an initial public offering on the London Stock Exchange which valued the company at £1.3 billion.[4]

The company announced in July 2020 that it would be providing at least £35 million in order to address consumer complaints regarding lack of checks on affordability when taking out a loan.[5]

Operations

The company is a business which issues mid-cost [6] loans with payments guaranteed by a borrower's family or friends.[7] The amount lent is up to £10,000, with a 49.9% APR, higher than loans from mainstream banks, but lower than high-cost products such as payday loans or rent-to-own.[8] The company has secured around 88% of the guarantor loan market in the UK. [9]

Ownership

Approximately 61.4% of the company is owned by Richmond Group, a business controlled by James Benamor, the founder.[10]

References
  1. "Annual Report for year ended 31 March 2018" (PDF). Amigo Holdings. Retrieved 7 September 2018.
  2. "Guarantor loans provider Amigo set for London IPO". Financial Times. Retrieved 7 June 2018.
  3. "FCA Handbook".
  4. "Sub-prime lender Amigo valued at 1.3 billion pounds in London IPO". Reuters. 29 June 2018. Retrieved 7 September 2018.
  5. "Lender Amigo to set aside more cash to settle complaints". Reuters. 3 July 2020. Retrieved 8 July 2020.
  6. "Amigo Loans arrives to high expectations". Investor's Chronicle. Retrieved 5 July 2018.
  7. "Guarantor loans provider Amigo set for London IPO". FT. 7 June 2018. Retrieved 7 September 2018.
  8. "Amigo Loans reports 40% jump in revenues". Financial Times. Retrieved 27 November 2018.
  9. "Lender Amigo hits London market with £1.3bn valuation". Financial Times. Retrieved 29 June 2018.
  10. "Prospectus". Amigo Holdings. p. 5. Retrieved 7 September 2018.
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