CVR’s Kevin Murphy, Jason Maloney and Bai Cham have been appointed as administrators to Essex Savers net Credit Union (Essex Savers).
Essex Savers was placed into administration on 14 February 2018.
The not-for-profit financial co-operative, which had its headquarters in Chelmsford, was open to anyone who lives, studies or volunteers in Essex, and provided local, ethical, banking services offering a secure place to save and affordable credit to members.
It was owned and controlled by approximately 5,000 members, with investments totalling £1.7 Million.
Kevin Murphy emphasised that savers will be compensated in full.
He said: “Every member of the Essex Savers net Credit Union will get their money back in full within the next 7 days, as they are protected by the Financial Services Compensation Scheme (FSCS),” he said.
“The FSCS has confirmed this process is automatic, so members do not need to act to get their money back’.
Kevin added that members who had taken out loans from Essex Savers should continue making repayments as normal.
Steve Allen, the Chairman of Essex Savers added: “It is with very great regret that we have had to take the decision to close Essex Savers net Credit Union.
“We have been providing a valuable service for people in Essex for over 13 years, and have many loyal members who have supported us over this period.
“It is deeply upsetting that we will be no longer able to offer our services. We have been losing money for some time, and have been searching for new capital to make up our deficit.
“Despite a significant level of interest in helping us, we have unfortunately run out of time and the Board decided it had no option but to appoint administrators.”