Fiinu
BANK · AIM · Financial Services · mcap £9.9m · 2.2p 2 open situations →
- EV
- £8.4m
- EV / EBIT
- –
- Net cash
- £557k
- FCF yield
- -46.7%
- Revenue
- £1.0m
- Cash returned
- 0.3%
- Share price 1y
- −77%
- Insiders 12m
- no deals
- Next report
- around 28 Jun
Open · 2
Everfex SPA non-compete dispute
Fiinu is pursuing the Everfex seller and SPA guarantors over pre-acquisition matters, with earlier claims put above £16m and later potential claims at about £8.3m. Guarantors filed bankruptcy petitions on 10 Sep 2026 over loans Everfex disputes. On 1 Oct 2026 Everfex sought court-supervised restructuring to test these claims, and an indemnity notice on Staly Kurs loans seeks recovery from the seller and guarantors.
- Petitions
- Kwaśniewski and Grzybek filed bankruptcy petitions against Everfex over historic loans, announced 10 September 2026; Everfex disputes the loans 1 Oct 2026 ↗
- Loan dispute
- Everfex notified lenders on 31 August 2026 it disputes the claimed balances pending review
- Creditor claim
- Separate historic creditor claim from 2021 emerged on 26 August 2026
- Indemnity notice
- Issued for certain Staly Kurs loan obligations, seeking recovery from seller and relevant guarantors 1 Oct 2026 ↗
- SPA protection
- August 2025 SPA includes indemnities for certain pre-acquisition obligations, backed by contractual guarantees 1 Oct 2026 ↗
- New creditor claim
- Potential historic disputed claim and creditor demand from 2021, before Fiinu's August 2025 acquisition 1 Oct 2026 ↗
Next: Court decision on restructuring; pursue SPA indemnity and guarantee claims
- 1 Oct 2026 Indemnity notice issued; Polish court process starting
- 10 Sep 2026 Petitions filed by guarantors; Board disputes loans
- 30 Jul 2026 Claims over £16m ongoing; Board links requisition to them
- 6 Jul 2026 Arbitration plus warranty claims, over £16m
Everfex integration and governance overhaul
After the Everfex acquisition the Board replaced management and tightened governance and controls. The £7.3m goodwill was already written off, and overheads are down about 55% on August 2025. On 1 Oct 2026 Everfex applied to a Polish court for arrangement proceedings. A supervisor would oversee creditor claims while management runs operations. Everfex remains trading.
- Overheads
- Down about 55% vs August 2025; about 50% vs 2025 representative run-rate
- Outlook
- Significant uncertainty from legacy creditor matters and ongoing restructuring discussions
- Aim
- Everfex profitable on a self-funded basis
- Filing
- Everfex applied to Polish court for ordinary arrangement proceedings (protective restructuring), announced 1 October 2026 1 Oct 2026 ↗
- Supervisor
- Independent court-appointed judicial supervisor to oversee creditor claim verification once proceedings open; management stays in ordinary-course operations 1 Oct 2026 ↗
- Secondary filing
- Everfex filed a bankruptcy declaration application for management board compliance and asked for a stay; restructuring considered first 1 Oct 2026 ↗
Next: Court decision on opening arrangement proceedings
- 1 Oct 2026 Everfex in court restructuring application; no bankruptcy order
- 11 Sep 2026 Cost cuts achieved; outlook uncertain on creditors
- 6 Jul 2026 Remediation implemented; goodwill already written off
- 29 Jun 2026 Integration ongoing; goodwill fully written off
Closed · 1
Company filings. Not investment advice.