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Jobs lost in Preston as pay day lender goes bust

Posted on - 17th August, 2014 - 6:00pm | Author - | Posted in - Business, News, Preston City Centre

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Up to 120 jobs have gone in the North West and Yorkshire following the collapse of The Cash Store. The Stockport based company (UK operations) administration earlier this month.

Along with the closure of the Preston branch on Friargate branches in Bolton, Blackburn and Manchester have also closed.

The Cash Store Ltd is a subsidiary of The Cash Store Financial Services Inc and expanded into the UK from Canada.

A message on The Cash Store website says any debts due to them are now payable to SLL Capital who have purchased all debts from the administrators.

In a statement the administrators said: “Cash Store was loss making and had been reliant on funding from its Canadian parent company which was recently withdrawn. 

“Cash Store operated as a pay day loan business from 27 stores in the UK and was FCA regulated. 

“The majority of the stores were based in the north west of England and yorkshire.

“Efforts have been made in advance of the administration to seek a buyer of the business as a going concern. 

“Unfortunately no offers were received for the business as a going concern. Therefore, the business is ceasing to trade with immediate effect and the loans have been sold to a third party.

“Customers will be contacted in due course by the purchaser of the debts with information on how customer accounts will be handled.”

Have you been affected by the closure of The Cash Store? Let us know below

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