Accuma cuts off loan broking business after markets dry up
Thursday, September 25, 2008
Personal debt services business Accuma Group, is set to wind-up its loan broking division by putting it into voluntary liquidation.
Loan Line Holdings Ltd has been sapping cash from Accuma for some time, during which Accuma itself has been struggling to turn a profit. Last week, the group posted results showing the division lost £196,000 in the first six months of the year. Recent discussions at the group concluded that without ongoing support Loan Line was likely to become insolvent.
Accuma said the situation had arisen mainly because of the withdrawal of a number of major funding providers from the sector, leading to poor markets and a dearth of wholesale funding.
The move to dump Loan Line will cost Accuma around £0.6 million. In the December 2007 accounts a full impairment charge was made for the goodwill of the operation of £11.8 million.
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