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Report: British payday lender owner CashEuroNet UK to file for administration

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Report: British payday lender owner CashEuroNet UK to file for administration

The board of CashEuroNet UK LLC, which trades under the brand name QuickQuid, could place the British payday lender under administration in the coming days, Sky News reported, citing sources.

Grant Thornton has been lined up as an administrator following a competitive tender process, according to an accountancy profession insider. Grant Thortan was the administrator of Wonga Group Ltd., when it filed for insolvency in 2018 after a rise in customer compensation claims.

CashEuroNet UK, which is owned by U.S.-based Enova International Inc., was the subject of 3,000 complaints received by the U.K. Financial Ombudsman in the first half, according to the report. In 2015, the company agreed to pay customers £1.7 million in compensation for failing to adhere to affordability tests.

Putting the company into administration could result in layoffs at CashEuroNet UK although details about the number of affected staff, the customer base and outstanding loan book of the company were not made clear, Sky News wrote.