Amicus has revealed it is undergoing a strategic review after becoming aware that the regulator is not in a position to approve its banking licence application in the timeframe expected.
The company had anticipated receiving its banking licence this year, subject to regulatory approval, after submitting its application in October 2016.
Specialist Banking understands that Amicus will not be progressing with its banking licence.
The across the group review aims to lower operational costs and ensure that its core, short-term, property lending business continues to grow.
As part of this, Amicus has addressed its staffing requirements at all levels within the business and, after carefully considering its options, has concluded that there is a risk that it may have to make redundancies.
Amicus stated it was exploring ways of avoiding compulsory redundancies and minimising the number of employees affected.
The lender said it was making every effort to complete the process as quickly as possible to reduce uncertainty and move the company forward.
“Following the strategic review, Amicus will be well placed to continue building its core lending business through its diversified funding strategy,” said Keith Aldridge, managing director at Amicus (pictured above).
“We have a strong origination pipeline in place and are well positioned to go from strength to strength.”
Amicus Property Finance provided over £500m for residential, commercial, refurbishment and development projects in 2016 and announced a record month of lending in July this year, totalling £72m.
Earlier in the year, Amicus Property Finance also created a new specialist services team to manage further advances for development loans.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
AIB provides funding for acquisition of 190 homes
AIB Corporate Banking has formed a partnership with Túath Housing Association to fund the acquisition of up to 190 social homes across every county and district in Ireland.
Virgin Money set to enter SME banking market
Virgin Money Holdings UK has announced plans to enter the UK SME banking market in January 2018.
British Business Bank welcomes extra £2.5bn government funding
The British Business Bank has welcomed the extra £2.5bn of government funding, announced in the Autumn Budget.
£11m UTB facility saves developer from considerable funding costs
United Trust Bank’s (UTB) structured finance team has provided an £11m facility to save a property development company from paying considerable funding costs.
Behind the scenes at Metro Bank’s new London store opening
Metro Bank opened its 52nd store in Liverpool Street, London, last Thursday (16th November), with the lord mayor of the City of London Alderman Charles Bowman cutting the ribbon.
Do people underestimate the scale of UK SMEs?
Only 2% of British people realise that SMEs make up 99% of total UK businesses, new research has revealed.
We need to aim higher than ‘a nation of shopkeepers’
I read an interesting newspaper article the other day with the headline: “UK bank scandals are making entrepreneurs reluctant borrowers”.
What are the key changes from the Autumn Budget 2017?
In the first Autumn Budget, the chancellor of the exchequer Philip Hammond has set out the government’s plan for the UK economy.
CYBG reports 6% lending growth
CYBG PLC has reported total lending growth of 6% during the year ending 30th September 2017.
Do enough businesses realise the benefits of asset finance?
Only one in 10 business owners (11%) describe the strength of their companies’ working capital facilities as “very strong”, even though their businesses are performing well, a report has revealed.