More Wellesley worries

TROUBLED lender Wellesley has abandoned a £1.5m fundraising bid as doubts about its financial health continue to swirl.

The firm had asked the public to support it through crowdfunding website Seedrs, but pulled the plug after raising less than a fifth of its target.

Run by 8th Earl Cowley Graham Wellesley, the company is a peer-to-peer lender which takes savers’ money and loans it to property firms that pay interest, which is split between Wellesley and savers. But the lender’s accounts were published more than two months late and revealed a £3.3m loss for the 18 months to the end of 2015. Auditors warned last year the firm would face collapse if it did not raise new funds.

However, its founder insists it is healthy and was seeking extra cash to fund growth.