Amigo boss steps down over health concerns

The boss of guarantor lending firm Amigo has stepped down due to ill-health.

Glen Crawford resigned as chief executive officer and executive director of the firm to undergo medical treatment for a degenerating spinal condition.

Mr Crawford, who initially raised his intentions to leave the firm because of health concerns in April, has left the role with immediate effect.

Mr Crawford has led Amigo since October 2015, growing the business “substantially” and leading its float on the London Stock Exchange last year.

The FTSE 250 firm has seen its shares rebound in recent months, after it started its tenure on the index with a period of steady decline.

It currently sits marginally above its IPO price of 275p per share.

Last month, the lender said it will fight back against “urban myths” about the business after financial regulators warned of a crackdown against guarantor lending companies.

Amigo lends to people who struggle to secure loans from mainstream banks, by allowing friends or relatives of the customer to act as guarantors.

Current chief commercial officer Hamish Paton will take over as the chief executive officer and executive director next month.

Mr Crawford will continue to advise the board and continue with the comprehensive handover process, before Mr Paton takes over the reins.

Nayan Kisnadwala is now the sole executive director of the firm, and is expected to remain so until the Mr Paton’s promotion and his approval by the Financial Conduct Authority comes into effect.

Mr Kisnadwala will work on a day-to-day basis with members of the firm’s executive committee, until the new chief is in place.

Stephen Wilcke, chairman of the company, will also take on increased responsibility for liaising with external stakeholders, including investors, regulators and the media.