#cash finance direct
117 jobs go as Stockport firm Horizon Finance goes into liquidation
Loans call centre Cash Finance Direct, trading as Horizon Finance, has been placed into liquidation.
The firm, which sold loans over the phone on behalf of lenders, ceased trading on March 27 with the loss of 117 jobs.
Data providers stopped supplying the company in the mistaken belief that the firm was not authorised by the Financial Conduct Authority (FCA).
This followed an incorrect notice placed on the FCA website late last year, which stated that the company was not authorised, due to confusion with a similarly named firm.
It led to cash flow and operating difficulties as data providers stopped sending business to the company.
Francesca Tackie and Gary Lee, partners at the Manchester office of Begbies Traynor, have been appointed as joint liquidators to the Stockport-based company.
Francesca Tackie said: “Cash Finance Direct was severely affected by the erroneous notice placed on the FCA website as nervous data providers stopped sending work through, fearing they were dealing with an unauthorised company.
“While the FCA later issued a public apology on its website, the company never fully recovered and was unable to trade out of its difficulties.
“We are aware that there are a number of customers who were due refunds from the company in respect of call charges and we would urge them to get in touch with us.”