Wyelands Bank, owned by industrialist Sanjeev Gupta, announced last week that is to be sold or wound-up after its accounts revealed that repayments on 80% of its loan book were overdue
Gupta, who bought the bank formerly known as Tungsten Bank in 2016 for £30m, recently announced that he would not be providing further funds to the bank after announcing in March 2021 that he planned to 'submit a new strategy' for Wyelands to the regulator, in an attempt to take the bank forward. Gupta is the bank’s biggest shareholder.
The three-year-old bank released its 2020 annual report in May 2021, which also covered its parent company Wyelands Holdings Limited, for the year to April 2020. It showed that the bank had severe debts, with £191m of its £234m loan portfolio being classed as non-performing and the bank making a loss for the year of £69.5m.
The bank has stated that this figure had ‘broadly doubled’ since then owing to ‘information and events that have developed since 30 April 2020, and that were unforeseen at year end’.
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