Hundreds of jobs at troubled payday lender The Money Shop have been plunged into doubt after it emerged the company could cease trading.
The firm's website confirms stores have closed across the country and a letter understood to have been sent to staff says 427 employees are at risk of redundancy, with 111 of those based at its headquarters in Marina, Nottingham.
The document is to all at-risk workers at Instant Cash Loans Ltd, which trades as The Money Shop, and describes the move as "appropriate due to the poor financial performance of Instant Cash Loans Ltd", .
It continues: "This is a result of the unprecedented number of customer complaints received by the business from claims management companies which relate to previous behaviours and conduct of the business towards its customers, pre FCA (Financial Conduct Authority)."
The news has come following the closure of The Money Shop stores across the country and the letter adds it is "no longer viable to continue trading".
It is understood the company will look to sell branches, which has been ongoing in recent months.
In March, Middlesbrough-based Ramsdens Holdings acquired 18 The Money Shop branches in March and it picked up four more last month. Those new stores have been re-branded.
Peter Kenyon CEO of Ramsdens, said at the time: "Following our successful acquisition in March, I’m delighted to announce this acquisition which supports our growth plans.
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“We have a proven track record of effectively integrating and improving the performance of acquired stores as we continue to capitalise on growth opportunities available to the Group as a leading operator in a highly fragmented market."
The Money Shop offers services including travel money, cheque cashing, short term loans and pawnbroking.
In 2015 the lender's then owner, Dollar Financial 海角视频, had to refund more than £15 million to customers who had been given loans they were not able to repay. It apologised to people who had "suffered difficulties".
The Money Shop has been contacted for comment. The Financial Conduct Authority says it is unaware of any administration of the firm.