BREAKING NEWS: Link Lending put into liquidation

BREAKING NEWS: Link Lending put into liquidation




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One of the major short term finance companies, Link Lending, has fallen into administration. 

According to a source at the firm, Barclays Bank unexpectedly pulled the plug after negotiations to renew the bridging lender’s funding fell through.

 

Administrators PricewaterhouseCoopers entered on Thursday the 8th of October, making nine employees redundant and reportedly “changing the locks” at the firm’s Watford headquarters.

 

Staff are currently informing brokers of arrangements for pipeline business, although it looks unlikely that commissions will be paid, as Link Lending employees have been denied their redundancy pay and have been forced to take the government redundancy package of one week’s pay in place of the three months’ salary they were promised.

 

The source continued, saying: “This has come as a shock to everybody as negotiations to renew had been going well. No one had a clue what was happening.”

 

The company’s secured loan arm, Link Loans, will not be affected and will continue to trade normally.

 

Last month managing director John Maclean left the firm to set up a new venture, commenting at the time: “I have thoroughly enjoyed building the Link brand and working with such a great team of people. I feel that now is the time to get involved in a new business opportunity in the sector and look forward to the challenges ahead.”

 

If any brokers dealing with Link Lending want to have their say about how this affects them and their business, please fill in one of the Bridging & Commercial contact forms.

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