Wonga on brink of collapse as administrator lined up

Wonga were former sponsors of Scottish Premiership side Hearts. Picture: SNS
Wonga were former sponsors of Scottish Premiership side Hearts. Picture: SNS
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Wonga are on the brink of financial collapse after a surge in customer compensation claims, according to Sky News.

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.

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...