The company, founded in 2006, said the step had been taken to protect its 200 employees, investors and stakeholders
The specialist lender has applied to enter into administration after almost two decades in business(Image: Getty)
Specialist lender Market Financial Solutions Limited has submitted an application to enter administration following nearly two decades of trading.
The well-established UK property finance provider, which launched in 2006, stated the measure has been implemented to safeguard its approximately 200 staff members, investors and stakeholders whilst the firm addresses an unforeseen banking-related matter.
Paresh Raja, founder of Market Financial Solutions, said: “This is an extremely difficult moment for everyone connected with Market Financial Solutions.
“As a family-founded business that has been built over nearly 20 years, this is not a decision that has been taken lightly.”
The firm acknowledged that whilst the core business remained asset-backed and operationally robust, the board determined that placing the company into administration represented “the most responsible way to safeguard value and provide stability during this period and allow operations to continue under the supervision of the court”.
Throughout its history, Market Financial Solutions has expanded consistently, assisting borrowers, investors and partners in managing over £1.2billion in cumulative lending, with the loan book achieving roughly £2.4billion at its zenith.
“The current situation does not reflect a failure of the underlying business or the quality of our assets, but rather a technical and procedural impasse that has temporarily limited our access to everyday banking facilities,” Mr Raja added.
“My priority is, and always has been, the people behind this business – our staff, our investors and our creditors. Entering administration allows the Company to be protected whilst we work openly and cooperatively with the Joint Administrators to find a way forward,” reports the Express.
“I remain fully committed to preserving value and doing everything possible to support a positive outcome for all stakeholders.”
Mr Raja expressed cautious optimism that, depending on developments throughout the administration process, there might be scope to stabilise operations and consider potential routes forward for the company, though any decisions would prioritise the interests of creditors and investors.