Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Stockport based loans company Horizon finance has ceased to trade with the loss of 117 jobs. The call centre which sold loans on behalf of lenders stopped trading on 27 March 2015. The decision to liquidate the company follows an error in listing on the Financial Conduct Authority (FCA) website. Data providers stopped supplying data because of this notice, believing that the company was not authorised to trade. This in turn led to cash flow problems for the company. The confusion on the FCA website was due to a mix up with a similarly named firm. Although a public apology was later placed on the FCA website, the company was unable to recover from the effect of this mistake.
Eurofound (2015), Horizon Finance, Bankruptcy in United Kingdom, factsheet number 79372, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79372.