Instant Cash Loans Ltd, owner of The Money Shop, is looking at its options – including selling – its circa 97 stores.
In a letter to employees, the company said that after an “unprecedented number of customer complaints” it was no longer viable to continue trading, according to the Financial Times.
After the first 50 complaints each year, every other complaint submitted to the Financial Ombudsman Service costs the subject of the complaint £550 to process, meaning costs for the subjects can quickly mount up prior to any compensation needing to be paid.
Earlier this year ICL sold over 20 stores to rival chain Ramsdens, and has also closed a number of stores so far this year.
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