Comments on: Challenge Finance enters Administration

By: Ted

Ted — Wed, 03 Jun 2009 08:01:47 +0000

Good use of the forum for invoice finance, the Companies House website doesn’t show any Admin yet for Flow (Europe) Ltd which is the incorporated name of SmartFlow Finance. Interesting that Bibby is shown as debenture holder.

By: Ian

Ian — Wed, 03 Jun 2009 07:59:56 +0000

Tom – this blog is primarily concerned with factoring, invoice discounting and trade finance as they are the main areas that I operate in.

We did cover the demise of Wageroller but that was mainly because of their continued self promotion about what a wonderful alternative to factoring it was whereas Smartflow Finance (Wageroller clone) had such a low profile that most people had never heard of it and the only time that it made waves was a year or so ago when it ran into financial problems and possibly again now that it has gone bust

By: Ian

Ian — Tue, 02 Jun 2009 14:59:09 +0000

Business Money has put a very unusual spin on this Administration as according to them Challenge had been completely transformed in recent months with the old poor quality clients “managed away” to be replaced by better quality clients.

We understand that the bad debt recently suffered was significant but one has to wonder if all of the bad news was out of the way and the future looked bright – why did Coface suddenly lose confidence and appoint Administrators

By: Ted

Ted — Tue, 02 Jun 2009 13:39:33 +0000

Good to see the factoring blog so far ahead of Business Money in getting news to the market.

By: Nigel

Nigel — Mon, 01 Jun 2009 14:08:42 +0000

I too was sorry to hear that Challenge Finance have gone into administration. Leonard Curtis have been appointed. My thoughts go out to the staff at Challenge from another small independant factor, here’s hoping for a satisfactory outcome all round.

By: Ian

Ian — Sun, 31 May 2009 11:45:18 +0000

I have no direct experience of Challenge Finance whether positive or negative but I don’t think I would recommend any client of mine to use a factoring company that wasn’t a member of the ABFA especially one which had a Balance Sheet that showed an insolvent position

By: dave

dave — Sat, 30 May 2009 19:33:48 +0000

Wageroller has obviously made up Coface’s minds to get some cash back from it’s UK investments. Fair enough but Challenge have taken a bit of an unfair kicking here.

Every client we’ve put in there has been happy with what they are getting and as a broker I’ve been impressed by what Phil Padgham has delivered.

I would be the first to have a go at a factor who is taking the Michael, like Close and their massive termination fees for instance, but I think Challenge have tried hard with their clients folowing a pretty torrid time.

By: Mike

Mike — Fri, 29 May 2009 14:38:42 +0000

Any idea who has been appointed yet?