Linked Finance Books €1.2m Loss

15 Apr 2017 | 01.20 pm

Linked Finance Books €1.2m Loss

Peer to peer lender files accounts

15 Apr 2017 | 01.20 pm

Peer to peer lending intermediary Linked Finance booked a loss of €1.2m in the year to end April 2016, according to filed accounts. The deficit in shareholders’ funds at year-end was €1.8m.

Long-term liabilities of €2.55m are thought to largely relate to funding for the venture advanced by Shay Garvey’s Frontline Ventures. Frontline shored up the balance sheet of operating company Linked P2P Ltd with a €1 million cash injection in January 2016, with that allotment document filed in the Companies Registration Office in March 2017.

Excluding this €2.55m liability, Linked Finance was in good shape on 30 April 2016, with cash on hand of €943,000 to meet short term creditors of €326,000.

Linked Finance changed in its business model in 2016, moving away from the auction model of providing loan finance to providing loans at a flat rate. The business averaged 16 employees including directors on the payroll in 2015/16,

The venture, founded by Peter O’Mahoney (pictured), had accumulated losses of €2.2m in April 2016. A note to the accounts states: “After making inquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have provided a letter of support. Therefore these entity financial statements have been prepared on a going concern basis.”

In February 2017, Niall Dorian invested €92,000 in Linked P2P Ltd.

 

 

 

 

 

 

 

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