Craw­ford re­turns as Amigo boss af­ter bat­tle with founder

The Daily Telegraph - Business - - Business - By Michael O’Dwyer

AMIGO Loans has turned to its for­mer boss to lead it out of reg­u­la­tory dif­fi­cul­ties as the em­bat­tled lender pre­pares for life with­out its founder.

The high-in­ter­est lender said Glen Craw­ford would join as chief ex­ec­u­tive next month, 13 months af­ter he stepped down as boss to re­ceive treat­ment for a de­gen­er­at­ing spinal con­di­tion.

Amigo has been thrown into dis­ar­ray as its share price has col­lapsed against the back­drop of reg­u­la­tory prob­lems and a row be­tween man­age­ment and James Be­n­amor, the firm’s founder and ma­jor­ity share­holder.

Mr Be­n­amor re­joined the board in De­cem­ber be­fore quit­ting in March and launch­ing a failed coup against the cur­rent di­rec­tors. He has be­gun sell­ing the 61pc stake he held through Rich­mond Group, which has al­ready fallen to less than 48pc.

Amigo has been or­dered by reg­u­la­tors to clear a back­log of cus­tomer com­plaints by Oc­to­ber. It es­ti­mates this will cost sub­stan­tially more than £35m. Mr Craw­ford will re­place Hamish Pa­ton.

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