The alternative lender reported losses of almost £2m following restructuring, redundancies and the loss of its CEO.
Alternative lender Growth Street saw financial losses deepen during 2019 to £1.86m, according to filings posted on Companies House on Wednesday.
In 2019 the peer-to-peer lender had a profit and loss reserve of £4.68m up from £2.81m the previous year, suggesting a loss of £1.86m in the year ending 31 December 2019, compared to £1m the previous year.
London-based Growth street had a rocky 2019 and start to 2020.
Almost two months ago, Growth Street initiated ‘a liquidity event’ and closed investor access to its platform in a bid to stabilise its operations amid the coronavirus pandemic.
Before the job cuts, Growth Street contacted its lenders to tell them that two loans, valued at more than £1m, had defaulted.
The peer-to-peer lender said it told investors the cost of the two defaults would be registered on the company's balance sheet—perhaps the £1.86m loss made in 2019.