REG - Amigo Holdings PLC - Board Changes and Company update

Amigo HoldingsAnnouncement

12/05/2025 07:00

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RNS Number : 2321I  Amigo Holdings PLC  12 May 2025

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

12 May 2025

 

Amigo Holdings PLC

("Amigo" "PLC" or the "Company")

 

 

Board Changes and Company update

 

Amigo Holdings PLC ("Amigo" "PLC" or the "Company"), a provider of mid-cost
credit in the UK that is currently in an orderly solvent wind-down,
announces the proposed board changes detailed below.

 

Kerry Penfold will immediately step down from her role as PLC CEO and
Director. She will continue with her role as CEO of the Company's subsidiaries
(including Amigo Loans Ltd) until 31 May 2025. Nicholas Beal, Amigo's Chief
Restructuring Officer will join the PLC board as an Executive Director with
immediate effect and will take on Kerry's PLC responsibilities alongside his
existing role.

 

Michael Bartholomeusz will also immediately step down from his role as a PLC
Non-Executive Director and Chair of the Audit and Risk Committees. However, he
will continue with his role as a Non-Executive Director of the Company's
subsidiaries (including Amigo Loans Ltd) until 31 May 2025.

 

Jonathan Roe, Chair commented:

 

"Kerry has done an amazing job leading the team through to completion of a
very complicated Scheme of Arrangement process. Having navigated us to the
second Scheme payment she has decided this is the right time to move on to
find a new opportunity. We wish her well for the future and we know that she
will succeed at whatever she does next"

 

"I have been very grateful for Michael's support during this very difficult
time for Amigo. His contributions to Board discussion, with particular focus
on risk and regulation, have made sure that we have done the right thing for
customers."

 

"I extend a warm welcome to Nick to the PLC Board and look forward to working
with him to secure an RTO and a long-term future for PLC."

 

Following the change, the total number of Directors on Amigo's Board will
consist of two independent Non-Executive Directors and one Executive Director.
Further information on Nicholas Beal is set out in the Appendix. There is no
information pursuant to UKLR6.4.8R to be notified in respect of Nicholas Beal.

 

Company update

 

The Board continues to search for a suitable reverse takeover ("RTO") target
to enable the Company to continue as a viable business in the long term. The
Company has a very limited runway and, based on its budget and further
measures to reduce costs, current resources will only be sufficient until
early July 2025 prior to which the Company will need to raise additional
funding in order continue its RTO search, failing which it will need to
declare insolvency.

 

Further announcements will be made in due course.

 

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended). The person responsible for this announcement is Nicholas Beal,
Company Secretary.

 

 

 Amigo Holdings PLC  investors@amigo.me
 Nick Beal           Company Secretary

 Sponsor             Beaumont Cornish

                     0207 628 3396

 

Appendix

Further information on the new Director

About Nicholas Beal

Nick has been with the Amigo group for 13 years and for the last 5 has been
the Chief Restructuring Officer, responsible for the Scheme of Arrangement
process. Nick is a solicitor and is currently also Group Company Secretary.
Before his current role, Nick was the Chief Regulatory and Public Affairs
Officer, responsible for external affairs and communications, including with
the media, politicians and our regulators. Nick has previously worked for
large legal practices, and banks and building societies before joining the
Group.

In addition to being a director of group companies, Nick has in the last 5
years been a director of: Citygate Church, and Michaels Ltd (a homeless
hostel). Nick was also a Non-Executive Director of Bournemouth University and
Vice-Chair of the Audit, Risk, and Governance sub-Committee.

 

About Amigo

Amigo is a public limited company registered in England and Wales with
registered number 10024479. The Amigo Shares are listed on the Official List
of the London Stock Exchange. On 23 March 2023 Amigo announced that it has
ceased offering new loans, with immediate effect, and started the orderly
solvent wind-down of the business. Amigo provided guarantor loans in the UK
from 2005 to 2020 and unsecured loans under the RewardRate brand from October
2022, offering access to mid‐cost credit to those who are unable to borrow
from traditional lenders due to their credit histories. Amigo's back book of
loans has been run off with all net proceeds due to creditors under a Court
approved Scheme of Arrangement. Amigo Loans Ltd is authorised and regulated in
the UK by the Financial Conduct Authority.

-ENDS-

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