Benamor’s Richmond Group, which owns a 61% stake in Amigo, also secured a second board seat for fellow executive Kelly Black. Amigo is the largest provider of guarantor loans, which uses friends and family to guarantee repayments on loans to people who may otherwise struggle to borrow. The City regulator is looking into affordability measures across the whole subprime sector, which could spark further changes at Amigo. The outgoing chairman, Wilcke, who has been in the role since 2015, said: “It has been fascinating and gratifying to lead the board of Amigo. Clare and I will work with the board to ensure an orderly succession to take Amigo forward.

Source: The Guardian December 09, 2019 13:30 UTC