Blog

Dec 25, 2023

Jobs lost as loan provider enters administration

More than 100 jobs have been lost at a Manchester-based provider of short-term loans, with administrators from FRP Advisory now exploring options for the future of the business which had a £2.7m loan

More than 100 jobs have been lost at a Manchester-based provider of short-term loans, with administrators from FRP Advisory now exploring options for the future of the business which had a £2.7m loan book.

Auden Group is an FCA-regulated lender that provides three to 12-month loans of between £200 and £1,000 under a responsible financing model, supporting about 4,200 customers.

Daniel Conway and Geoff Rowley of FRP Advisory were appointed joint administrators after the business' level of lending was not able to sustain its operational cost base.

Auden had 127 employees the majority of whom have been made redundant, although a number of employees have been retained to assist the administrators in their duties and provide customer service support.

The administration does not change the payment terms and conditions of customers' loans, which remain the same as when loans were taken out. Auden Group also remains subject to the same regulatory rules and requirements as it did prior to its administration. Auden Group is not accepting applications for loans from new customers.

The joint administrators said they continue to engage with the FCA as necessary and are operating Auden Group for existing customers as they assess options for the future of the business.

Dan Conway, partner at FRP and joint administrator of Auden Group, said: "Auden has been looking to establish itself in the short-term credit market in recent years, but has not reached the scale needed to sustain its operational cost base. Our appointment enables Auden Group to continue operating for existing customers as we explore options for the future of the business.

"The terms and conditions of loans made by Auden are unaffected and customers will continue to be able to access their accounts online. Customers can contact the customer service team who are on hand to help with any enquiries."

Customers can contact the customer support team on 0808 258 2525 or by email on [email protected]. Debt advice can also be sought from not-for-profit organisations.