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41,000 Amigo borrowers on payment holidays at end-August

LONDON (Reuters) - Amigo Holdings AMGO.L said around 41,000 borrowers were on payment holidays at the end of August to help them cope with financial stress caused by the pandemic, while a further 9,000 have resumed payments with no notable deterioration in arrears.

“Trading since the end of the first quarter of the financial year has been in line with management expectations,” the subprime lender said in a statement ahead of its annual shareholder meeting on Tuesday.

Amigo, which welcomes Gary Jennison as chief executive officer with immediate effect, said cash collection as of August 31 remains “robust” at over 80% of pre-COVID-19 expectations.

The lender said it had unrestricted cash of more than 145 million pounds and adequate liquidity to continue to fund operations and support its customers.

Reporting By Sinead Cruise; editing by Pamela Barbaglia

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