the house crowd

The House Crowd enters administration

Bridging & Commercial can confirm that P2P lender The House Crowd appointed administrators on 24th February 2021, due to the financial issues that the company was facing.

Frank Ofonagoro, Jeremy Woodside and Frank Wessely at business advisory firm Quantuma, have been appointed as joint administrators of the Altrincham-headquartered business, with consent from the FCA.

The firm has circa 3,700 active investors on the platform and has, to date, funded more than 400 developments worth £123.9m.
It is not yet clear how many of the firm’s eight employees and five consultants will be affected by the administration, as well as the 15 developments being funded through the platform.

The administration is not expected to have a material impact on investors/lenders, according to Quantuma. 

The joint administrators will continue the orderly wind down of the loan portfolio and the return of monies to lenders.

Frank Ofonagoro, director at Quantuma, said: “Due to ongoing financial issues facing the company, the directors resolved that it would be in the best interests of The House Crowd and its creditors and loan investors to appoint administrators.

“Our priority will now be on securing the best possible outcome for all parties. 

“Wherever possible, that includes the repatriation of client monies, completion of existing development builds, orderly wind down of loan books, and ultimately protecting the interest of investors and creditors.

“We would urge all parties affected by this news, in the first instance, to visit the House Crowd website, where we have posted a series of FAQs.”

On 25th February 2021, the joint administrators were also appointed over House Crowd Property Management Limited, House Crowd Finance Limited and House Crowd Finance (Security Agent) Limited. 

The joint administrators can be contacted directly as follows:

  • email - [email protected]
  • write to The House Crowd Limited – In Administration, c/o Quantuma Advisory Limited, No 1 Spinningfields, Quay Street, Manchester, M3 3JE.

Leave a comment