Sky News ‎can exclusively reveal that Wonga, which was among the pioneers of the UK's online payday lending sector, has been rescued in the last few weeks after its chief executive warned shareholders that it was in danger of becoming insolvent.
The fundraising is understood to have taken place at a valuation of just $30m (£23m) prior to the injection of the new money - a stunning decline for a financial technology group which once had ambitions of a New York listing that could have valued it at well over $1bn (£769m).
The size of the fall
Its board, led by chairman Andy Haste, a former boss of RSA Insurance, has previously expressed confidence that it can re-establish itself as a sustainable business in the UK.
The size of delusion.
No, it is not a sustainable business. It is a financial parasite
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
10,000 people may have to retrain to be slightly more useful to society
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
10,000 people may have to retrain to be slightly more useful to society
I am sure there was a scene in the The Hitchhikers Guide to the Galaxy (or one of the sequels) where three spacecraft evacuated the people a planet about to be destroyed and one of them took all the lawyers, car dealers, politicians and estate agents etc to a separate planet of their own and they were waiting for the other two craft with all the useful people to arrive.
There are other groups of people more deserving of sympathy.
10,000 people may have to retrain to be slightly more useful to society
I am sure there was a scene in the The Hitchhikers Guide to the Galaxy (or one of the sequels) where three spacecraft evacuated the people a planet about to be destroyed and one of them took all the lawyers, car dealers, politicians and estate agents etc to a separate planet of their own and they were waiting for the other two craft with all the useful people to arrive.
There are other groups of people more deserving of sympathy.
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
10,000 people may have to retrain to be slightly more useful to society
I'm not really surprised - only last week these clowns kept me waiting around on a desert of a housing estate for an hour, as their 'system' that managed to text me a confirmation for a viewing simultaneously didn't 'book' it. Wankers.
I'd expect that the market for cheap polyester suits will dry up overnight... so keep an eye on Burtons share price and Lynx body spray, for that matter - simple possession of these two items appear to be all that is needed to 'qualify' as an 'estate agent'.
Edited to add, that the administrators have now sold the house of Fraser group to Sports Direct.
According to the UK Sky News (that is broadcast in Australia before 4-30am local time when it switches to the even lower quality local version) the new owner has said it will become the "Harrods of the High Street".
I can't wait to visit! Does it come with pickpockets around all the entrances as well?
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
Sky News ‎can exclusively reveal that Wonga, which was among the pioneers of the UK's online payday lending sector, has been rescued in the last few weeks after its chief executive warned shareholders that it was in danger of becoming insolvent.
The fundraising is understood to have taken place at a valuation of just $30m (£23m) prior to the injection of the new money - a stunning decline for a financial technology group which once had ambitions of a New York listing that could have valued it at well over $1bn (£769m).
The size of the fall
Its board, led by chairman Andy Haste, a former boss of RSA Insurance, has previously expressed confidence that it can re-establish itself as a sustainable business in the UK.
The size of delusion.
No, it is not a sustainable business. It is a financial parasite
Another former shirt sponsors of Newcastle United FC about to go under (the other being Northern Rock)
Good riddance
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
raspberry-blower wrote:
Another former shirt sponsors of Newcastle United FC about to go under (the other being Northern Rock)
They sure know how to pick 'em.
You stole my headline about Wonga running out of Wonga.
There have been several times I nearly ran out of wonga but I never resorted to borrowing from these companies. There are a lot of adverts in Australia for companies such as these.
