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Britain's Amigo says progress on rescue plan slower than expected

·1-min read

(Reuters) - British subprime lender Amigo said on Wednesday progress on its new rescue plan was slower than it had expected, as talks critical to its future continue with the financial regulator.

Amigo has been scrambling for survival after a deluge of customer complaints, with a previous rescue plan for the business rejected earlier this year by London's High Court for short-changing compensation claimants.

Amigo said it had submitted a revised plan to the Financial Conduct Authority and a panel of customers on Tuesday this week.

"The Company continues to operate within significant financial constraints," the guarantor lender said, which previously suspended new lending.

The company, however, said strong collections had continued and its cash position stood at 229 million pounds. Its shares jumped 17% by 0732 GMT.

(Reporting by Muvija M in Bengaluru, Editing by Iain Withers)

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