Wonga on brink of collapse as administrator lined up

Wonga are on the brink of financial collapse after a surge in customer compensation claims, according to Sky News.

Sunday, 26th August 2018, 2:43 pm
Updated Sunday, 26th August 2018, 2:54 pm
Wonga were former sponsors of Scottish Premiership side Hearts. Picture: SNS

The payday loan company have lined up Grant Thornton as an administrator if they cannot avoid becoming insolvent.

This comes three weeks after Wonga needed £10 million of investment to stay in business.

Wonga’s bright blue logo was a familiar sight in Scottish football between 2011 and 2014 as the shirt sponsor of Hearts.

Sign up to our daily newsletter

The i newsletter cut through the noise

At the time it was one of Britain’s fastest growing consumer finance companies and held ambitions of a New York stock market listing.

More to follow...