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BREAKING: Wakey wakey FCA: Wellesley Finance PLC – another £100m mini bond accident & scandal in the making

By Tom Winnifrith | Tuesday 7 January 2020


 


Well you have been warned repeatedly by myself for almost a year as was the FCA which, natch, did nothing. Wellesley Finance has finally filed its 6 months overdue accounts for the year ended 31 December 2018 at Companies House and they are truly dire.  The net loss before tax is £10,249,314 and a deficit on shareholders’ equity was £9,202,737. The auditors, unsurprisingly, cite a material uncertainty on going concern. Worrying times for the mini bond lenders who have lent £99,540,212 to Wellesley Finance Plc.  A further £64 million in Peer to Peer assets is held off the balance sheet. 

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