Leave.EU goes into liquidation ahead of co-founder Arron Banks £7m

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The organization was co-founded by Arron Banks as a support group for Nigel Farage and his campaign to leave the European Union – but it was actually Vote Leave that was chosen as the official Leave campaign for the 2016 referendum .

This, however, did not stop the group in its campaign, but it did find fault when it committed “serious violations” of electronic marketing laws by sending subscribers more than a million e-mails. emails, including marketing for the insurance brand GoSkippy.

Nearly 300,000 emails containing a Leave.Eu newsletter were also sent to customers of the same company.

It has now emerged that the group, which was last registered at Henleaze Business Centre, has gone into liquidation for a total of £7.1million. This includes a £7m debt to Mr Banks, who loaned the group £6m at interest-free until it was transferred to Rock Holding Ltd at the end of 2020, when an interest rate of 4% above the base rate of the Bank of England was applied.

Aaron Banks loaned Leave.EU £6m – and now owes over £7m as the group goes into liquidation

The group also owe £52,050 in fines to the Information Commissioners Office as well as £2,719 to Bristol-based Summit Media Management.

Mr Banks stepped down from the group as director in January 2021. The body’s only director when it went into liquidation in April was Gloucestershire-based Jacobus Coetzee.

Co-liquidators Rob Coad and Sam Talby, both of Undebt.co.uk also based in Bristol, have been appointed to wind up the group.

Group statement of affairs table showing money owed to company creditors, including Arron Banks and the Information Commissioners Office

His total assets, according to a statement also submitted to Companies House, are estimated at £4,233.

A spokesman for the Information Commissioners Office said: ‘We will continue to monitor developments in the insolvency and support the liquidator in their claims as necessary.

BristolWorld has contacted the liquidators for comment.

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