120 jobs go to The Cash Store

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Almost 120 jobs were lost after payday lender The Cash Store went bankrupt.

The company, which is headquartered in the UK in Stockport, went into administration with FTI Consulting appointed as directors.

The Cash Store Ltd is a subsidiary of The Cash Store Financial Services Inc and expanded to UK from Canada.

It has 506 branches across Canada, but its 27 outlets in the UK – many in the North West – are due to close.

FTI directors said 13 people lost their jobs at the company’s UK headquarters in Stockport.

The other branches to have suffered are Bolton, Manchester, Rochdale, Blackburn and Preston.

The Cash Store offers a check cashing feature that allows the customer to earn cash instantly.

The company also offered the ability to transfer money around the world to over 135 different countries.

Cash Store Financial operates its branches in Canada under the “Cash Store Financial” and “Instaloans” banners.

In a statement, the directors said: “Cash Store was loss-making and reliant on funding from its recently retired Canadian parent company.

“Cash Store operated as a payday loan business from 27 stores in the UK and was regulated by the FCA.

“The majority of the stores were based in the North West of England and Yorkshire.

“Efforts have been made upstream of the administration to find a buyer of the company as a going concern.

“Unfortunately, no offers were received for the company as a going concern. As a result, the company ceases operations with immediate effect and the loans have been sold to a third party.

“Customers will be contacted in due course by the receivable acquirer with information on how the accounts receivable will be handled.

“Unfortunately, all 120 Cash Store employees will be laid off, the majority with immediate effect.

“The team of directors works with employees to support them in their requests for statutory rights. All wage arrears of employees have been paid in full.

Cash Store Greater Manchester rexcess in numbers:

Stockport – 13

Ashton – 3

Blackburn – 3

Bolton – 5

Bury – 1

Farnworth – 1

Manchester Fountain Street – 2

Rochdale – 1

Wigan – 3

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