Highlights
- Market Financial Solutions, founded in 2006, has applied to enter administration after almost two decades in business.
- The lender managed more than £1.2 bn in cumulative lending with a loan book reaching approximately £2.4 bn at its peak.
- The administration affects around 200 employees, investors and stakeholders.
Founder Paresh Raja added "This is an extremely difficult moment for everyone connected with Market Financial Solutions. As a family-founded business that has been built over nearly 20 years, this is not a decision that has been taken lightly."
He added that the current situation does "not reflect a failure of the underlying business or the quality of our assets, but rather a technical and procedural impasse."
Business remains sound
Despite entering administration, the company stressed that its underlying business remained asset-backed and operationally sound.
Over its lifetime, Market Financial Solutions grew steadily, managing more than £1.2 bn in cumulative lending, with its loan book reaching approximately £2.4 bn at its peak.
The board concluded that administration was "the most responsible way to safeguard value and provide stability during this period."
Raja said his priority remained "the people behind this business our staff, our investors and our creditors," adding that he remained "fully committed to preserving value and doing everything possible to support a positive outcome for all stakeholders."
He expressed hope that, subject to progress during the administration, there may be an opportunity to stabilise the business and explore options for its future.
The news follows the collapse of Peter Mandelson's advisory firm Global Counsel into administration this week, amid the fallout from his historical links to paedophile financier Jeffrey Epstein.
