Communisave Credit Union put into liquidation

A credit union with more than 2,000 members in Birmingham has gone into liquidation.

South Birmingham Community Credit Union Ltd (SBCCU), also known as Communisave, operated in south Birmingham, Bromsgrove and Redditch.

Liquidators Baker Tilly said "certain matters" surrounding the winding up are "subject to on-going investigations".

Deposits and savings will be protected under the Financial Services Compensation Scheme, liquidators said.

SBCCU has also been affected by a lack of growth in the loan book, an increase in bad debts and a fall in its investment income, a spokesperson said.

Following the winding-up order the credit union will no longer able to accept deposits, allow members to withdraw money or make loans.

Guy Mander, joint liquidator, said they will write to all affected savers.

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