Exclusive: P2P firm shuts platform

By Daniel Lanyon on 4th February 2019

P2P/Marketplace Lending

The peer-to-peer investment platform focused on corporate bonds, launched in 2013, received its full authorisation from the FCA back in November 2016.

Exclusive: P2P firm shuts platform

The UK Bond Network, a p2p platform for corporate bonds, is closing as of today Monday 4 February 2019, according to the firm.

A notice on the website of the UKBN platform shows it is no longer active. Details are scant but there is a suggestion from the page that there may be another firm involved as well as a new strategy to be announced but the message is clear that UKBN will stop trading, 

It said: “Following a recent acquisition of another company, the business will be shifting its focus to new services, with a new management team now in place.”

“All bondholders have been notified of this change by email and details of how to contact us during this transition period have been provided.”

A message to investors seen by AltFi says that all existing bondholders have been contacted and advised that, subject to their consent, Cornhill Capital will take over the management of their accounts.

The firm has not tweeted since July 2018.

Chris Maule, UKBN’s CEO and co-founder is still listed on Linkedin as the firm’s boss, as well having formerly worked for Cornhill Capital from 2006 to 2014.

Two former employees of the firm, David P. von Dadelszen, former head of operations and Ben Cohen, its former head of marketing, appear to have moved to new a firm called Torca, which describes itself as a “regulatory onboarding service and smart contract creation platform.”

“Our best-in-class technology and KYC & AML service providers enable ICO projects to validate and verify the investment they receive, while investors can contribute to smart contracts through a slick and seamless process.”

 

We will update this story with further details asap.

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