Finance company folds

Auckland: Blackwell Global Holdings (BGI) will wind down its finance company operation and let its executives go after it could not raise enough capital to fund the growth of its loan book.

The NZXlisted investment company, which is 75% owned by derivatives trading and investment company Blackwell Global Group, has announced a restructure.

Chairman Sean Joyce said the board was of the view that BGI was ‘‘unable to continue to operate as a meaningful finance company operation’’ due to its inability to raise sufficient debt funding or equity at this time.

‘‘The board does not consider that it is likely that funding will be found to assist BGI with the funding of a finance company operation in the near or intermediate future.’’