Business

Amigo Loans’ James Benamor Banks £3 Million Pay Day

Published

5 years ago

January 14, 2020

James Benamor, the founder of highly criticized sub-prime lender Amigo Loans has enjoyed a very wealthy start to 2020. The self-confessed former petty criminal who was born Rachid James Benamor, the son of Tunisian immigrants, has banked for himself a £2.9m dividend payout despite being a difficult year a difficult year for Amigo Loans and James Benamor.

Having previously left the board, Benamor, who owns 61% of the company through his vehicle Richmond Group, made a spectacular comeback at the end of the year, returning to the board, and prompting Chief Hamish Paton, chairman Stephan Wilcke and pay committee chairperson Clare Salmon to depart from the troubled lender.

This is a year which saw the Amigo Loans share price more than half, profit warnings, a massive spike in customer complaints and heightened fears of a regulatory crackdown. Yet, despite all this, profits at his holding company inched higher to £70.8m in the year to the end of last March, from £66.9m the year before. The dividend payout was a result of those figures, although 2020 results will most likely tell a different story.

Customer complaints have soared throughout the last 12 months, with more and more disgruntled clients winning cases against Amigo Loans and receiving an Amigo Loans refund. By the end of November 2019, Amigo Loans there were 222,800 borrowers, up 34,000 from the same time last year. However, complaints about Amigo Loans more than doubled in the same period with the to the Financial Ombudsman Service ruling in favour for 59% of the complaints, forcing the Bournemouth based loans company to set aside £10.4m to cover refunds, compensation claims and customer payouts.

The company has also come under heavy criticism from members of parliament. Wes Streeting, a former member of the Treasury select committee and Labour MP for Ilford North, said: “I think it’s worrying that people are turning to short-term, high-interest lenders in greater numbers, but also that the number of complaints is rising. These complaints suggest the problem is not going away. It’s something that needs looking at urgently by the committee.” Meanwhile, Stella Creasy, the Labour MP for Walthamstow said: “These legal loan sharks are trapping people in debt and need to be cracked down on.”

As the complaints and regulatory headwinds around the sub-prime lender gather momentum, the £2.9m dividend payout enjoyed by Benamor may will be his last. Despite Amigo’s loan book standing at £730.7m in December, up 8.8 per cent on the year, approximately £54m of Amigo’s loans were at least 31 days overdue at the end of Q3 in 2019, up from £33m a year ago, which means further complications for the UK’s largest sub-prime lender. Watch this space.

Business

Spynn’s PR Playbook for Startups Turning Funding into Market Leadership

Published

1 week ago

March 27, 2025

Matthew Wiles

Byline: Jennyfer Ann Valencia

The recent funding boom in India, where startups raised over $428 million between March 10 and March 15, 2025, reinforces the critical role of public relations (PR) in securing investor confidence and enhancing visibility. As competition intensifies, effective PR strategies help startups differentiate themselves and build a strong market presence.

Spynn, a PR agency for startups specializing in securing top-tier media coverage, enables startups to craft compelling narratives that attract investors and maintain a positive brand image.

The Role of PR in Startup Funding

A recent survey conducted by Spynn found that startups with a strong PR strategy are significantly more likely to secure funding rounds than those without. According to the research, nearly 70% of investors say media visibility and brand credibility helped their decision-making process. This highlights PR’s direct impact on a startup’s ability to attract investment.

PR helps startups articulate their value to investors by securing media coverage and highlighting their growth potential. High-profile placements lend credibility and set up startups’ potential, making them more attractive to investors. For instance, a well-publicized success story from a startup like Zolve, one of the top funding recipients, can drive further investor interest and strengthen its brand.

India’s funding surge spans sectors including Batterytech, Edtech, Gaming, Apparel, Aerospace, Manufacturing, Fintech, Energy, and Travel. While this presents opportunities, it also brings scrutiny. Startups must manage their reputations effectively, ensuring consistency in their messaging across media platforms. As a PR agency for startups, Spynn’s expertise in reputation management helps businesses navigate these challenges by maintaining a cohesive brand identity and reinforcing investor trust.

Establishing Credibility Through Media Placements

Research from Spynn also revealed that startups that get featured on Forbes, Business Insider, and other top-tier publications experience a 50% increase in inbound investor inquiries within six months. This shows the value of securing strategic media placements to reinforce credibility and market positioning.

Strong media coverage bolsters a startup’s credibility, reinforcing its market positioning and investor confidence. Spynn ensures startups secure coverage in authoritative outlets, helping them establish themselves as thought leaders. Beyond initial publicity, Spynn focuses on building long-term relationships with media, ensuring sustained visibility and brand consistency.

Spynn’s CEO, Matteo Ferretti, emphasizes the role of storytelling, “Effective PR is about coverage and creating narratives that resonate with audiences. Startups must highlight their unique value and demonstrate how they solve real-world problems.”

PR for Growth and Global Expansion

Spynn’s data indicates that startups leveraging international PR strategies are twice as likely to successfully attract foreign investors and expand into new markets. Media coverage tailored for global audiences enhances cross-border recognition and facilitates partnerships, making PR an essential tool for growth beyond domestic markets.

As Indian startups scale, a strong PR strategy facilitates global recognition. Spynn’s international media reach helps startups gain traction in new markets and attract foreign investors. This is especially crucial for sectors like Fintech and Edtech, where global expansion is key to success.

A well-executed PR strategy strengthens a startup’s digital footprint, ensuring a consistent and engaging presence across platforms. Matteo Ferretti highlights the importance of balance, “A successful PR approach integrates both digital and traditional media to maximize impact and audience engagement.“

Ethical Considerations and Future Trends

Transparency and ethical storytelling are vital in PR. Startups must ensure authenticity in their messaging to build lasting trust. Spynn upholds ethical PR practices that align with principles of sustainability and integrity.

Indian startups must adapt to evolving PR trends, including AI-driven outreach, digital media dominance, and deeper media relationships. As competition grows, startups that take advantage of PR will have a better standing for long-term success.

Spynn’s PR strategies equip Indian startups with the tools to navigate funding surges, enhance credibility, and drive growth. By securing impactful media coverage and managing reputation effectively, startups can strengthen investor confidence and expand their market presence. As India’s startup ecosystem evolves, PR remains an indispensable asset for sustained success.