Controversial Newcastle United sponsor Wonga suffers slump in profits

Newcastle United sponsor, Wonga, the controversial payday lender, has reported a slump in profits as it counts the cost of a drive to clean up the image of the business.

Wonga said the 53 per cent slide in profits to £39.7m in 2013 was in part due to a one-off charge in relation to a recent scandal over fake legal letters, which were used in order to chase struggling customers into paying up.

The company said it expects that it will be “smaller and less profitable” in the near term while it builds a more sustainable business for the future.

Source –  Northern Echo, 30 Sept 2014

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  1. Pingback: Controversial Newcastle United sponsor Wonga suffers slump in profits

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