What is happening to Wellesley?
Wellesley Finance announced a cease in operations late September of 2020. Investors are owed over £118m. Wellesley & Co. later announced it would become unregulated by withdrawing their FCA regulation, and cease offering retail mini-bonds and focus solely on institutional funding.
What happened to Wellesley?
Wellesley saw its losses widen to just over £1m last year, as it discontinued its management fees and begun to wind down the business. The property lending platform announced in September 2020 that it was restructuring the company, due to liquidity issues amid the pandemic and a challenging regulatory environment.
Will I get my money back from Wellesley?
Unfortunately, if you are invested in Wellesley's unsecured mini-bonds, you were lending money to Wellesley & Co. That money was then used for company expansion and also lent to property borrowers. You'll likely see little or no money returned.