Artis Finance has fallen into administration, becoming the latest casualty in a troubled non-bank trade finance industry that has seen multiple firms close their doors in recent months.
This development was first reported by Global Trade Review (GTR).
The London-based receivables finance provider, established in 2020, specialised in financing mid-market borrowers with a focus on commodity trading. Joint administrators from PwC were appointed on 3 March by the High Court, according to a public notice, including restructuring partner Ed Macnamara alongside directors James Cameron and Tom Crookham.
While Artis Finance has entered administration, its subsidiaries, including Artis Loanco 1, remain operational. However, corporate documents reveal that Artis Loanco 1, which provided loans secured against trade receivables, had set aside provisions for a $7.1 million impairment as 2023 drew to a close.
The collapse of Artis Finance mirrors broader distress across the sector. December saw UK-based Kimura Capital close its London lending operations and return funds to institutional investors after divesting its commodity trade finance fund’s exposures amid working capital concerns.
In the same period, London-headquartered Stenn entered administration following allegations of suspicious activity, while in Dubai, investors are pursuing liquidation proceedings against the Rasmala Trade Finance Fund.
Following these cases, questions have emerged about oversight in trade finance, particularly among non-bank lenders who face inherent vulnerabilities to financial crime. Stenn, once valued at over £700 million, collapsed after HSBC discovered potentially fraudulent clients, despite numerous red flags, including the CEO’s previous connections to insolvent firms and questionable client transactions.
In the case of Artis, legal entanglements complicated the company’s position. In December 2023, Artis initiated legal proceedings against TMT Metals—a metals trader that Trafigura had accused of orchestrating a “systematic” fraud in the nickel market—alongside several companies reportedly connected to TMT director Prateek Gupta. The case stalled, hampered by a freezing order Trafigura had secured against Gupta.
Companies House records further indicate Artis has outstanding charges linked to UK commodity trader DL Hudson.
Editor’s note: This article relies on the investigative work done by GTR.
