Quick Loans has announced it has completed the purchase of the Cheque Centre, with the aim of relaunching the brand.
Once the second biggest lender on the UK high street, the Cheque Centre, which had a turnover of over £270million and boasted 300 stores, went into administration in the summer of 2017 after the board decided that ongoing liabilities were too high to allow them to continue.
The ongoing liabilities mostly relate to complaints from previous Cheque Centre customers who say they were mis-sold financial products and suffered unfair collection practices.
Quick Loans now acquired the company’s remaining assets and says it now aims to relaunch the company as the go-to place for short-term credit products.
Quick Loans, Martin Bishop said “We need to do a risk assessment about the possible scale of these mis-selling liabilities. We want to re-launch the Cheque Centre as the go to place for short term credit products. To do this we need to put right what the brand did wrong. Our aim is to, where possible, compensate people and we would like to hear from people who think they have previously been mis-sold products by the Cheque Centre”.
None of the previous staff, management or owners from the original brand holding company is either directly or indirectly involved in the re-launch of the Cheque Centre. ChequeCentre.co.uk will operate under the Quick Loans’s FCA authorisation.
Quick Loans have said that the brand name is still well known and provides lots of opportunities for growth in the future.