4th Mar 2020 12:29
(Alliance News) - The founder and former boss of Amigo Holdings PLC James Benamor has left the company's board once again, Amigo said Wednesday.
Amigo provides loans to consumers, payments for which are guaranteed by a borrower's friend or family member.
Benamor, who owns 61% of the company, has stepped down as a non-executive director with immediate effect. He first left the Amigo board in September 2018, before rejoining last December.
Amigo is currently undergoing a strategic review and formal sale process, which was launched at the end of January. The firm said Wednesday Benamor's departure does not affect this.
In February, Amigo said it had received interest from "several" parties over a possible bid.
Amigo floated in June 2018 with a market capitalisation of GBP1.31 billion, making Benamor among the wealthiest businessmen in the UK at that time. Since then, however, the stock has plummeted, reducing the company's value to GBP203 million.
Shares were at 43.65 pence each on Wednesday, up 12%, but the firm floated at 275p a share.
By George Collard; [email protected]
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