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Struggling UK lender Amigo appoints Danny Malone as interim CFO

By Reuters

-British subprime lender Amigo Holdings Plc appointed Danny Malone as its interim chief financial officer on Friday, after the abrupt departure of finance chief Mike Corcoran earlier this week.

Amigo said on Monday it could enter insolvency if a new business rescue plan and a likely rights issue were not approved by creditors and in court, sending its shares tumbling as much as 62% on that day.

The London-listed company has been scrambling for survival after a deluge of customer complaints early last year of misspelling loans.

Malone, a chartered accountant by profession, is currently the chairman of a fintech company Floan, and has held board level positions in several financial services companies and banks, mostly operating in the non-standard consumer finance sector.

Malone’s appointment at Amigo is for a four-month period from starting Feb. 7 till June.

The appointment of Malone also comes as the company proposed a rights issue to fund its new 97 million pound ($129.90 million) rescue plan, after its initial business rescue plan was rejected by the London High Court in May 2021.

($1 = 0.7467 pounds)