Amigo Holdings announces executive reshuffle amid search for RTO

LONDON - Amigo Holdings PLC, the UK mid-cost credit provider undergoing an orderly solvent wind-down, has announced significant changes to its board and provided a company update. Kerry Penfold has stepped down as PLC CEO and Director, effective immediately, but will continue as CEO of the subsidiaries, including Amigo Loans Ltd, until May 31, 2025. Nicholas Beal, the company’s Chief Restructuring Officer, has been appointed as an Executive Director to the PLC board and will assume Penfold’s PLC responsibilities.

Additionally, Michael Bartholomeusz has resigned from his role as a PLC Non-Executive Director and Chair of the Audit and Risk Committees. Like Penfold, he will maintain his position as a Non-Executive Director of the subsidiaries until the end of May.

Jonathan Roe, Chair of Amigo, praised both Penfold and Bartholomeusz for their contributions during challenging times for the company. Roe welcomed Beal to the PLC Board and expressed optimism about working with him to secure a reverse takeover (RTO) and a long-term future for the company.

The board now comprises two independent Non-Executive Directors and one Executive Director. Nicholas Beal, who has been with Amigo for 13 years, brings extensive experience to his new role, including five years as Chief Restructuring Officer overseeing the Scheme of Arrangement process.

The company update highlighted the ongoing search for an RTO target, which is crucial for Amigo’s long-term viability. However, the company has a limited financial runway, with current resources expected to last only until early July 2025. Without additional funding to support its RTO search, Amigo may face insolvency.

Further announcements will be made as the situation develops. This announcement contains inside information as per the Market Abuse (Amendment) (EU Exit) Regulations 2019.

The changes come after Amigo ceased offering new loans on March 23, 2023, and began winding down its business. Amigo, known for providing guarantor loans and unsecured loans under the RewardRate brand, has been running off its back book of loans with proceeds due to creditors under a court-approved Scheme of Arrangement.

This news is based on a press release statement from Amigo Holdings PLC.

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