Amigo, which lends to individuals with a bad credit history at an average interest rate of 50 per cent, announced that it would list at a price of 275p per share. This will give the business a market value of £1.3 billion, bagging founder James Benamor and other senior managers at the business £326.8m between them. He was accused ten years ago of running a 'scam' through his business Richmond Group, which involved getting customers to pay a £50 brokerage fee in the hope they would be given a loan. Many were just given the phone numbers of other banks, but Benamor denied misleading clients.
'It's a question of working out who's got a good business model, who makes a profit, who's borrowed too much money and has a balance sheet that will evaporate at the first sign of trouble.' David Miller, investment director at Quilter Cheviot, and a committed stock picker with decades of experience gives us his tips on buying shares..
The Chancellor's Mansion House speech is always a grand black tie occasion, however sombre the economic outlook. Everyone who sat down to slow-roasted beef with tender stem broccoli on Thursday was conscious Philip Hammond's speech came on the eve of the second anniversary of the Brexit vote. As he spoke, the bombshell was still to drop from Airbus that it is about to become the first big manufacturer to withdraw investment from the UK due to Brexit uncertainty.