A BRITISH car finance company has plunged into administration after 67 years of trading.
Administrators were appointed for the crumbling business at a High Court hearing with motorists and road users put on alert.
The firm in trouble is Wye Finance Co, a long-running lender that has served customers for decades.
Founded in 1959, the independent company provided financial solutions to thousands of clients.
But now insolvency experts Lee Manning and Mark Supperstone of S&W Partners LLP have been drafted in to take charge.
The company’s website had proudly claimed it could “find the finance solutions that are right for you”.
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It offered a wide range of products — from loans and car finance to home improvement funding and dealership agreements.
Both self-employed and employed customers were welcomed under its lending model.
On car finance deals, the firm said repayments were fixed, helping drivers budget without nasty surprises.
Deposits, it explained, were negotiable and could include part-exchange vehicles.
Applications were often processed within the hour, allowing motorists to drive away quickly once approved.
Customers didn’t even have to visit in person, as paperwork could be completed at the dealership.
The company also stressed that its finance was not secured against borrowers’ homes, highlighting its long history in the motor finance industry.
