Finance Credit Limited has released its year ended 31 December 2001 report and financial statement. The report shows that the company made a loss of over one million pounds. This is a drastic fall from the profit of Ј488,770 made for the year ended December 2000.
As reported by BCR last December Finance Credit Limited is closing down because the owners of its parent company Finance Credit Norge ASA have been accused of fraud. Subsequently the group’s Scandinavian bankers have become the effective shareholders of the parent and have agreed to support Finance Credit Limited UK until it winds down business.
In the Report of the Directors, Nick Grainger, managing director of Finance Credit in the UK, said: “It is anticipated that Finance Credeit ASA, the company’s parent company, will be wound up during April 2003 and as a consequence, Finance Credit Limited will cease to trade. As such, there financial statements have been prepared on the winding up basis.”
