Elephant Loans & Mortgages Plc. said it has placed one of its operating subsidiaries, Elephant Loans Ltd., into liquidation as part of its continued restructuring efforts, and will now conduct its trading activities through another subsidiary, Elephant Loans (Direct) Ltd.

The company said that following the announcement of its membership of the FT-Partners network and proposed reverse takeover by Financial Trade Partnership Ltd. (FTP), it has decided to relocate operations to FTP's new corporate headquarters near Southend, and added that the move is expected to yield cost savings.

Chief executive Gary Miller-Cheevers said that by strengthening and re-organising the group, the business will be able to "look forward to the rest of 2008 with cautious optimism".


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