JLG Group plc, the holding company of Just Cashflow plc, a prolific personal guarantee backed business lender, went into administration in June of this year.
JLG Group plc’s website stated as at the 11th August that:-
“ JLG, together with its subsidiaries (together, the “Group”) has encountered a number of financial challenges over recent years, including:
(i) losses experienced from the core lending book as a result of the impact of the COVID-19 pandemic on underlying borrowers many of whom were unable to service their loans and/or required payment holidays;
(ii) the operational cost base of the business being too large;
(iii) inconsistency in the application of the policies and procedures around the underwriting process and management of the loan book; and
(iv) losses sustained on large commercial loans and loans to companies connected with certain of JLG’s former executive directors which were outside of JLG’s core business (those directors have now left the business and been replaced with a new management team). “
Just Cashflow plc is not in any form of insolvency as of this date.