Car finance broker Just Motor Finance has gone
out of business less than eight months after opening, citing losses
incurred due to a shortfall in sales performance.
The startup introducer was
founded by four ex-British Credit Trust staff in September
2011, and intended to transact around £750,000 per month in
subprime business.
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However, in a letter sent out to business
partners on 11 May, the company announced its closure, explaining
that business had not met expectations set in 2011.
The statement read: “At this time we had
expected to be writing significantly more business than we have
managed and as a result the business has incurred large losses.
Regrettably, we cannot see an upturn in the levels of activity for
the foreseeable future and as a result we have decided to close the
business with immediate effect.”
Staff at Just were unavailable for comment at the time of going
to press.
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