Why Leeds International Personal Finance’s mortgage lender collapsed

Gérard Ryan, CEO of International Personal Finance.

The Leeds-based company reported a statutory pre-tax loss of £ 40.7million for the period, in stark contrast to the £ 114million profit it made the previous year. Turnover has grown from £ 889.1million in 2019 to £ 661.3million last year.

The IPF said the Covid-19 pandemic posed “significant and unforeseen challenges for many businesses”, especially those that rely on face-to-face interactions with consumers, such as its mortgage business.

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Gerard Ryan, CEO of IPF, said: “We have managed the company effectively during these turbulent times and proven the resilience of our international business model.

“We responded quickly to the pandemic by making the strategic decision to establish three principles to guide our decision-making: protecting our employees, putting our loyal customers first and protecting our business.

“This approach, combined with the implementation of our return to growth plan and the exceptional dedication of our workforce, has enabled us to continue to serve our customers safely, improve our operational performance and bring back the activity to profitability in the second half of the year.

“Our business plays a key role in society and we are well positioned to stay at the forefront of responsible lending to underbanked and underserved consumers and, in turn, deliver long-term growth and value for all. our stakeholders. “

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