Excel Securities to go into administration

Excel Securities to go into administration



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It has been less than a week since we revealed that Glasgow-based bridging lender Mathon Finance had gone into administration, now it has emerged that Excel Securities is set to appoint administrators as well. 

Last week the Manchester-based firm filed a notice of an intention to appoint administrators at the city’s High Court. The directors now have 10 days to appoint an insolvency practitioner, which is expected to be Begbies Traynor.

 

Although Excel Securities had not been active in the market in recent months, the news will still come as a shock to those in the bridging sector. Excel Securities was a member of the bridging finance trade body, ASTL, and its managing director, Laurie Hoffman, is well-known and respected within the industry.

 

According to the regional business news site, The Business Desk, at the end of 2009, Excel Securities owed its funders over £23 million, with £10 million of this to be paid to NatWest and the rest due to the Israeli Discount Bank and Bank Leumi (UK) plc. 

 

No one from Excel was available for comment at the time of going to press.

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