A major UK bridging lender has plunged into administration as the director of the company resigns.
Century Capital appointed administrators on January 30th, with Paul Munford leaving his role.
This comes after a number of high-profile departures at the backend of last year.
According to reports, Century Capital had accumulated £138m in debt by 2024.
The company has been funded by the likes of Natwest (£100m) as well as £250m from a US credit fund.
In 2024, Century Capital had a turnover of approximately £29m.
This comes as specialist lender Market Financial Solutions also entered administration this year.
Paresh Raja, founder of Market Financial Solutions, said: “This is an extremely difficult moment for everyone connected with Market Financial Solutions. As a family-founded business that has been built over nearly 20 years, this is not a decision that has been taken lightly.”
The company added that while the business had been operationally sound, the board concluded that placing the company into administration was “the most responsible way to safeguard value and provide stability during this period and allow operations to continue under the supervision of the court”.
Mr Raja added: “The current situation does not reflect a failure of the underlying business or the quality of our assets, but rather a technical and procedural impasse that has temporarily limited our access to everyday banking facilities,” Mr Raja added.
“My priority is, and always has been, the people behind this business – our staff, our investors and our creditors. Entering administration allows the Company to be protected while we work openly and cooperatively with the Joint Administrators to find a way forward.
“I remain fully committed to preserving value and doing everything possible to support a positive outcome for all stakeholders.”