Growth Street has provided an update on the repayment of its loanbook as part of its plan to wind down the business.
The peer-to-peer business lender announced plans to close in June and is in the process of getting its loanbook repaid, after which it will enter a “solvent wind-down.”
There were 86 borrowers on its books when it first made the announcement in June but this has dropped to 44 as of the start of October, Growth Street data shows.
Its latest loanbook statistics show the average outstanding facility is £111,044 and 6.46 per cent of the loans funded are expected to enter default.
Most of the remaining borrowers – 16 – are still in the business services sector, while 10 are in construction.
The rest are made up of business and consumer products and hi-tech, healthcare and trade goods.
Growth Street entered a 90-day liquidity event earlier this year to stop withdrawals and keep funds invested.
It then decided to close to retail investors in June and focus on getting its loanbook repaid as part of a resolution event.
However, efforts to secure institutional backing have since failed so the platform has instead deciding to close once loanbook repayments are complete.
The lender had previously announced a restructure and layoffs in November 2019 which also included the departure of its founder and chief executive Greg Carter.