Amigo board hits out over restructure proposals

The board of the company behind embattled subprime lender Amigo Loans has called on its founder not to push ahead with a series of proposals he made on Friday.

The board said that James Benamor should not “waste further time and expense” in calling a shareholder vote which could seriously shake up the way the company is run.

It has agreed with Glen Crawford, Amigo Holdings’ newly appointed chief executive, that he can leave the business if Benamor calls and wins the vote.

On Friday, Benamor suggested that the board should appoint him chief executive of Amigo Holdings, while putting Crawford back in charge of its subsidiary, Amigo Loans.

He said the chief executive had a lot of work to do at the UK business, including replacing board members who, he charges, “mismanaged Amigo”.

Yesterday, the board said Crawford will not want to continue at Amigo “in any circumstances where Mr Benamor returns to Amigo’s governance structure in a position of influence”.