End of the road for car loan firm

Club Finance, a used-car loan company associated with Doug Somers-Edgar is to be wound down, its trustee has told investors. In a letter Edward Russell of Calibre Asset Services said he had been advised by Matrix Funding that Club Finance had been “unable to secure funding lines and as a consequence is to be wound down and to repay its loans to the trust”. Matrix Funding is one of the trusts which oversees investments for finance advice firm Money Managers.

It is understood that loans to Club Finance make up about 14 per cent of the total assets of four investment vehicles called the First Step Trusts. Club Finance has a loan book of approximately $66 million and owes $63 million to First Step Trusts.
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