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.
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