CrowdLords posts income of £14,000 boosted by Covid support
CrowdLords reported income of £13,999 in its latest annual results, which included a grant of £37,381 under the Coronavirus furlough scheme.
The property investment platform also obtained a government-backed Covid loan of £50,718 in the 12 months to 31 January 2022, according to documents filed with Companies House.
CrowdLords had net assets of £125,813 as of 31 January 2022, up from £111,814 the previous year.
The platform previously allowed investors to fund buy-to-let and development loans. However, following the Financial Conduct Authority’s (FCA) permanent ban on the mass-marketing of speculative illiquid securities, CrowdLords decided to cease all FCA-regulated activity.
In January this year, chief executive and co-founder Richard Bush told Peer2Peer Finance News that the firm had “a positive year” and was focused on managing its existing investments through to completion and arranging investments for high-net-worth and sophisticated investors.
He also revealed that the firm was in merger talks, although no announcement has been made since then.
On 1 November 2022, businessman Raj Kumar – a former director of collapsed peer-to-peer lending platform FundingSecure – stepped down as a director of CrowdLords after three-and-a-half years.