Francis Wilks & Jones’ (FWJ) Banking and Finance Litigation team is delighted to have assisted Growth Street, a peer-to-peer platform lender specialising in growth finance, in successfully redeeming its platform investors, in full, as part of the Resolution Event declared in June 2020. As of 13 January 2021, all remaining funds have been returned to its peer-to-peer investors and its investor platform is in the process of closing.
FWJ was engaged in September 2020 to assist Growth Street’s recoveries team in collecting the outstanding loans from its borrowers, with the ultimate aim of winding down its operations. Working closely with the team at Growth Street FWJ’s experienced Banking and Finance Litigation team were able to develop an efficient and cost effective strategy so that Growth Street were able to return investor funds sooner than expected. In total, FWJ assisted Growth Street to recover in excess of £5 million in delinquent and / or outstanding debts.
FWJ continue to assist Growth Street with any remaining collections as it moves to streamline business operations further in order to ensure that it can continue to collect against outstanding balances and meet its obligations to its remaining creditors.
It was great to be able to advise and work with the team at Growth Street at what is a particularly challenging time. By taking a commercial, pragmatic approach to the recovery and collections strategy, we are delighted to have achieved such a successful outcome for the client in such a short time frame.Mike Lockton, Senior Associate in the specialist Banking & Finance team at FWJ
FWJ’s pragmatic, commercial and effective assistance has been incredibly welcome at a time when many businesses, including our own, have had to face unprecedented headwinds. Our aim is always to have the best possible outcome for our customers – the same can be said wholeheartedly for FWJ.Simon Coles, General Counsel at Growth Street