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.
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THE INVESTING SHOW
INVESTING SHOW: How to find the best companies - and make sure their shares are worth buying
'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..
MARKETS COMMENT & ANALYSIS
RUTH SUNDERLAND: There is NO Brexit dividend now firms are taking flight
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.
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Latest reports from News
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THE INVESTING SHOW
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MIDAS SHARE TIPS
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FUND AND TRUST IDEAS
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- PICTET NUTRITION: The laid-back fund that's using improving food quality to boost performance
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Latest from Markets
- Amazon wipes £13bn off drug stores and supermarkets as it buys online pharmacy
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- MARKET REPORT: Controversial boss of high interest lender Amigo Loans set to bag millions as his company hits stock market next week
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- Shares in FastJet soar 150% as flagging budget airline outlines rescue deal
- Are Brits falling out of love with fashion? Clothing market could shrink in value by £350m in the next year, experts warn
- Shoppers exercise 'self-imposed austerity': UK consumer confidence slumps in June as pessimism around the economy builds
- JCB to investment more than £50m in new plant, doubling production of operator cabins
Investing essentials
- How to pick the best (and cheapest) DIY investing Isa A wealth of choice and changes to charges have left many investors scratching their heads
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