LENDER BRANDS BOSS’S CLAIMS ‘INACCURATE’

A BITTER row has erupted between the board of guarantor loans firm Amigo and its wealthy founder.

James Benamor, who started the company in 2005 and is its biggest shareholder, used an online blog on Wednesday to launch a withering attack on directors.

It came hours after he quit the firm, barely three months after staging a return in a boardroom coup.

On the blog, Benamor said: “During my short time back on the Amigo board, I have witnessed a company committing slow-motion suicide.”

Benamor also claimed he voted against plans to put the firm up for sale – something Amigo denied. Hitting back, it claimed Benamor’s statement contained “several material inaccuracies and is fundamentally incorrect in a number of respects”.

The firm stressed it “remains fully committed to fulfilling all of its legal and regulatory obligations, and will continue to engage with regulators in an appropriate and constructive manner”.

It went on: “While Amigo disagrees with a number of Mr Benamor’s statements, it is in total agreement that Amigo provides a real proposition for customers who want a future of financial inclusion.”

Amigo’s share price dived 34 per cent yesterday.

James Benamor

A MUSIC firm that makes money from royalties on songs by stars including Beyonce and Adele is to be promoted to the FTSE 250.

Hipgnosis Songs Fund founder Merck Mercuriadis, 56, said: “This is a tremendous achievement in only 20 months.”