The main entity in the Apricity Finance group is in administration

The core company in the Apricity Finance group has been placed in administration, just days after the managing director resigned as a director of the company.

Apricity Finance’s former managing director Linden Toll.

The main entity in the Apricity Finance group has been placed in administration just days after managing director Linden Toll resigned form his role as a director in the company.

Administrator Darren Vardy from Insolvency Options was appointed as administrator overseeing Apricity Finance Group on Monday.

This follows subsidiary company Apricity Transasia Finance being placed in administration a week earlier, with Alan Hayes and Wayne Marshall of Hayes Advisory appointed as receivers and managers of that company.

The latter administration was precipitated by action from creditor, specialist debt provider GCI, for an undisclosed debt.

The directors of both companies were Andrew Meakin and managing director Linden Toll, however documents lodged with the corporate regulator ASIC show Mr Toll resigned from his role at Apricity Finance Group on Wednesday, March 29.

Apricity Finance Group has five shareholders, including Bowral-based Shartru Capital which owns about 86 per cent of its shares.

Mr Meakin and Mr Toll are both directors of Shartru Capital and each own one of its two shares.

Mr Vardy has been contacted for further details.

READ MORE:GCI appoints administrators over Apricity Transasia

Bowral-based Apricity offered an invoice financing product under which it would lend up to 95 per cent of the value of approved invoices to business borrowers.

The company’s website has been offline since at least Monday, March 27 and the company phones have not been answered when The Australian has attempted to make contact.

“Apricity Invoice Finance offers a funding solution that is simple, reliable and fast,’’ a cached version of the company’s website says.

“By financing up to 95 per cent of approved invoices upfront, we remove the stress of waiting for big customers to pay their bills.

“We help you leverage your own assets without the need to take on additional debt, delivering cash flow surety and powering business growth.’’

The company’s LinkedIn site says it focuses on high credit-quality customers “from a broad range of industries, from food growers, distributors, wholesalers, logistics operators, labour hirers, transport companies, and telecommunications and mining suppliers’’.

“Established in 2013, we’ve helped a wide range of small to medium-sized businesses bring certainty to their balance sheets.’’

Apricity would advance customers 95 per cent of the face value of outstanding invoices, with the remaining amount, less Apricity’s 3 per cent fee, also paid to the customer for invoices paid within 30 days.

GCI, which put Apricity Transasia Finance into administration, told The Australian last week in a statement it was a secured lender to that entity specifically.

“GCI funded a single, specific funding vehicle of Apricity (Apricity Transasia Pty Ltd) and is the secured lender over all the assets of that entity,’’ GCI said.

“GCI was not a lender to Apricity Finance Group Pty Ltd. GCI appointed Alan Hayes and Wayne Marshall as receivers to Apricity Transasia Pty Ltd (as above) to which GCI is the secured lender.

“GCI’s concern is enforcing our security over the assets of Apricity Transasia Pty Ltd and hence the appointment of Alan Hayes and Wayne Marshall as receivers.’’

Sydney-based GCI, founded in 2015 by Steven Sher and Gavin Solsky, provides solutions such as asset-backed finance, scale-up finance and strategic capital.