Payday lender, Cash Store Ltd, has fallen into administration after substantial loss making as well as a lack of funding.
The company is a subsidiary of the Canadian company, Cash Store Financial Services Inc, which has 506 stores in Canada. In the UK, Cash Store Ltd has 27 branches providing quick cash for customers.
Unfortunately due to the circumstances, the company has ceased trading and all stores in the UK will close, resulting in a loss of nearly 120 jobs.
Administrators, FTI Consulting, stated, “Efforts have been made in advance of the administration to seek a buyer of the business as a going concern”.
“Unfortunately no offers were received for the business as a going concern. Therefore, the business is ceasing to trade with immediate effect and the loans have been sold to a third party”.
“Customers will be contacted in due course by the purchaser of the debts with information on how customer accounts will be handled.”
Employees across the North West and Yorkshire branches have been paid any outstanding wages in full.
We are not involved in the administration and questions should be directed to FTI Consulting who are handling the administration.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.