The Island Echo has reported that title sponsors of Cowes Week 2019, Lendy Ltd, have entered administration.
The Portsmouth based, peer-to-peer property finance firm Lendy has collapsed into administration, the City watchdog said yesterday as it launched an investigation into the company.
The Financial Conduct Authority announced that RSM Restructuring Advisory had been appointed to wind up Lendy on behalf of creditors.
In a message posted on the Lendy website, RSM Restructuring Advisory said the administrators’ work was at a preliminary stage.
It is not known how this development will affect the running of this year’s Cowes Week, and no statement has been released by the Coews week organisation to date.
Lendy was launched in 2012 by two young entrepreneurs who believed that property investing and borrowing should be easier, and more accessible and rewarding.
They signed as title sponsor to Cowes Week in 2017 in a thre year deal.