Southampton: Swift deal ensures jobs are saved at Eastleigh-based firm
Funding Knight Holdings, an online peer-to-peer lending platform near Southampton, has been placed into administration.
Greg Palfrey and Steve Adshead of accountancy, investment management and tax group Smith & Williamson were appointed as administrators on June 28, 2016.
The shares in the trading subsidiary Funding Knight have been bought by GLI Finance which, as part of the deal, has agreed to put £1 million further funding into the company. The deal should see creditors of the holding company repaid in full, jobs protected and security provided to the business.
“We are delighted that we’ve been able to finalise the sale of Funding Knight to GLI Finance. Very importantly, this is good news for employees and investors; jobs have been safeguarded and clients’ investments protected,” said Palfrey who is national head of the restructuring and recovery services team at Smith & Williamson and works out of the firm's South Coast office in Southampton.
He added: “Funding Knight had suffered a series of financial troubles in the past few months which meant there was no option but for the business to go into administration on June 28. It’s always sad when an organisation goes into administration, but this is the best result in light of difficult circumstances.”
Funding Knight has offices in Eastleigh, Hampshire, and has circa £30m invested in loans.
