LONDON (ShareCast) - (Sharecast News) - Guarantor loans provider Amigo Holdings said on Friday that former chief executive Glen Crawford will be joining the company as a consultant with immediate effect to help with the strategic review and formal sale process.
The appointment will be for a six-month period and can be terminated by either party on one week's prior written notice.

Chairman Stephan Wilcke said: "We are pleased to welcome Glen back into the Amigo team and I have no doubt that his experience and advice will be beneficial to the company and its shareholders at this time."

On Thursday, shares in the company slid after founder James Benamor accused it of "committing slow-motion suicide" by continuing to lend irresponsibly while paying out refunds on past loans.

Benamor, who owns a majority of the guarantor loans provider, quit as a director on Wednesday after using his stake to force his way back onto the board in December. Benamor founded Amigo in 2005 and was chief executive until 2016.

He said that after returning as a director he audited recently lent and funded loans and found that almost all loans matched the company's definition of "irresponsible" following a regulatory crackdown. Presented with evidence the board did not take adequate action, he said.

"During my short time back on the Amigo board, I have witnessed a company committing slow-motion suicide," Benamor said on social media. "Within one year of my stepping down from the board, the most efficient company in the FTSE 250 had become a cash cow for consultants, lawyers and suits, all of whom had an interest in keeping the gravy train running for as long as possible, but no interest in the company being honest with shareholders or customers about the situation it was in."

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