A finance company that has provided vehicle financing for the last 67 years has entered administration after appointing administrators on Tuesday (February 10). Wye Finance Co. Ltd, based in Hereford, was established in 1959 and has helped to deliver financial solutions to thousands of clients ever since.

Authorised by the Financial Conduct Authority (FCA), it has operated mainly in Herefordshire, Shropshire, Worcestershire and Wales. It offers a range of financial products for both individuals and businesses, including Hire Purchase (HP) agreements for cars and commercial vehicles, typically ranging from one to five years, as well as loans starting from £900 for various purposes, including home improvements. However, according to The Gazette, on Tuesday, the company appointed Lee Manning and Mark Supperstone of S&W Partners LLP, based in London, as administrators.

Already this year, the financial services sector has seen a significant increase in insolvency activity compared to previous years. According to the latest industry data from Creditsafe, 43 companies in the “Financial and Insurance Activities” sector entered insolvency in January 2026 alone. This represents a 38.7% increase compared to the same period in 2025.

Higher wage bills and a lag from previous National Insurance increases have been cited as major causes, while many firms that barely survived the high-interest-rate environment of 2024–2025 are now collapsing as HMRC begins calling in overdue pandemic-era tax debts estimated at £27billion nationwide.

This news comes as a holiday park has been given the green light for a major expansion despite its owner being in administration. Cove UK, one of Britain’s largest caravan park operators, appointed administrators Alvarez and Marsal Europe last November. However, an application has been improved for 36 new static caravans on land next to the existing Springwood Caravan Park in Kelso, Scotland.