FCA approves Amigo Holdings's proposed scheme of arrangement

The UK High Court gave the green light overnight for Amigo Holdings's creditors to vote on the guarantor lender's proposed scheme of arrangement.

Amigo boss, Gary Jennison, welcomed the court's support, arguing that it was the "only real option" for customers due redress to receive compensation.

"Given it is in their best interests and the real alternative is an insolvency, we strongly encourage our 700,000 past customers and 300,000 present customers to vote for their money and support the Scheme," Jennison said.

"We are a new management team focused on the turnaround of Amigo and committed to fixing the problems of the past," he added.

"It is vital that the millions of UK adults who are unable to get finance from mainstream lenders are able to access credit from regulated businesses such as Amigo, rather than less reputable alternatives. We want to play our part in financial inclusion and ensuring the underserved have somewhere to turn for help and support."

As of 1303 GMT, shares of Amigo Holdings were trading 3.13% higher to 16.5p.