RENEWABLES peer-to-peer lending platform Trillion Fund has failed to find a buyer for its software platform and has instead announced it will be donated to charitable causes.
The platform, backed by British fashion legend Dame Vivienne Westwood, stopped offering P2P loans for projects in 2015 after the government cut renewable energy subsidies.
But a message to shareholders from Dame Vivienne revealed the interested party no longer wants to enter the P2P market.
All loans and short-term creditors have been paid in full and the note said the platform must now follow a prescribed procedure regarding unclaimed client money funds.
“Once we have completed this procedure, Trillion will then apply to withdraw the Financial Conduct Authority permissions.
“We are expecting this to take between four to six months,” the message said.
The four long term creditors to the firm, Dame Vivienne, Joseph Corre, Michael Norton and Theresa Burton have agreed to write down the debt and close the firm in an orderly manner on condition that the technology assets of the firm are donated to a registered UK charity.
They will be held by the Centre for Innovation in Voluntary Action and be made available for charitable use.
“Trillion will continue to run a minimum infrastructure to wind-down the FCA permissions,” the note said.
“The cash remaining in the firm will be used to achieve this. There is not expected to be any surplus.
“We are very disappointed that we were unable to achieve a successful outcome for the business and its shareholders. Trillion represented a mission to reduce dependence on fossil fuels, encourage investment into renewable energy and promote engagement in fighting climate change, all of which remain very important.”
Burton, who was chief executive of Trillion Fund, said she would continue consulting and advising in the P2P sector.