Quantuma appointed administrators of Birmingham Credit Union

Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as joint administrators of financial cooperative Birmingham Inner Circle Community Credit Union Limited.

The credit union entered administration due to regulatory and solvency issues on 26 September 2022, and its singular site will permanently close in the next month.

All members’ funds, below the £85k limit, will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.

Founded in July 2002, the credit union is based in Ladywood, Birmingham, and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020, the credit union recorded a turnover of £105k.

Dina Devalia, managing director and expert on credit union administrations at Quantuma, said: “Members of the Birmingham Inner Circle Community Credit Union don’t need to worry. Their money is safe and the FSCS will return 100 per cent of members’ deposits.

“We are working closely with the FSCS to ensure that all members receive their money back as soon as possible. We’ll also be on hand on site, by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”