Growth street

Growth Street to initiate solvent wind-down of operations




Growth Street has announced that it will begin a solvent wind-down of the business once the resolution event is complete.

This decision has been made by the company board, with the support of the executive team and major shareholders.

The focus of the business will now be on supporting its borrowers to find alternative sources of finance, while ensuring that funds are returned to its investors.

During this period, it will retain a core team to ensure it proceeds effectively.

Expected timeframes and quantity of repayments to investors are said to be unaffected by the wind-down.

Kim Goetzke, COO at Growth Street, said that the decision to begin a solvent wind-down of the business was not taken lightly.

“We believe passionately in Growth Street as a business and we will make every effort to ensure that the impact to our investors and our borrowers is minimal. 

“Our team will continue to work tirelessly to return funds to our investors.”

He stated that Covid-19 presented numerous challenges for the business. 

“We worked hard to find solutions which would allow us to emerge from the resolution event a stronger, more competitive business but, unfortunately, we weren’t able to get there.

“Unfortunately, it wasn’t possible in the current environment to put together the package of equity investment and institutional funding necessary to continue the business.

“A core team will remain with the business to effect a controlled, solvent wind down, supporting borrowers and investors and to realise value from its technology. 

“To those leaving the business, we will help you in every way we can.”

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