Wednesday, November 23, 2022
HomePeer to Peer LendingOctopus Alternative posts revenue because it prepares for liquidation in 2023

Octopus Alternative posts revenue because it prepares for liquidation in 2023

Octopus Alternative has registered a pre-tax revenue of £1m within the yr to 30 April 2022 because the platform prepares for liquidation within the new yr.

The property-backed peer-to-peer lending platform, which introduced in February 2021 that it was closing down, noticed a 195 per cent improve in turnover to £969,015 over the interval, serving to to take it again within the black after a lack of £255,379 within the 12 months to 30 April 2021.

The return to profitability was attributed to a number of vital mortgage exit charges being acquired by the corporate within the strategy of winding down operations as extra loans have been redeemed from the Alternative platform.

Over the interval, property beneath administration declined from £93.8m to £7.3m.

Learn extra: P2P platform closure pushes Octopus Alternative into the purple

Again in March 2020, Octopus Alternative paused all transactions in its platform citing excessive market situations.

In response to its newest set of accounts filed with Firms Home, Octopus Alternative closed with buyers receiving their capital and curiosity, web of impairment losses, in Might.

This adopted a purchase order settlement with Octopus Administrative Companies Monetary, fellow group firm, to purchase the remaining mortgage components held on the Octopus Alternative platform for £5.7m web consideration.

Consequently, the administrators are aiming to liquidate the corporate in 2023.

Learn extra: 50pc of the Octopus Alternative portfolio has already been realised



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