Wonga, Roli, Adidas: Business news in brief on Wednesday 4

Payday lender Wonga saw losses double in 2015; Adidas to seek buyer for its loss-making golf business; London-based Roli raises £18.4m

Wonga, the UK’ s biggest payday lender, saw its losses double to £80.2 million last year (PA)

Payday lender Wonga saw losses double in 2015

Wonga, the UK’ s biggest payday lender, saw its losses double to £80.2 million in 2015 as regulation of the short-term credit sector tightened. The short-term lender saw pre-tax losses grow from £38.1 million in 2014 to £80.2 million last year. The drop in revenues followed the introduction of stricter rules from the Financial Conduct Authority (FCA), which has ruled that customers should go through tougher affordability checks.

Adidas’ to seek buyer for its loss-making golf business

Adidas said it would aim to sell its loss-making golf business to focus on shoes and clothing, after its core Adidas brand reported strong quarterly sales, particularly in the US. The German sportswear company confirmed it will start seeking out buyers for its TaylorMade, Adams and Ashworth golf brands. But, it plans to keep Adidas-branded golf shoes and clothing, which account for about 40 per cent of the business.

Libor ‘scapegoat’ tries to crowdfund appeal

Tom Hayes, the former UBS trader serving an 11 year sentence for rigging Libor, has turned to crowdfunding to raise £150,000 for an appeal. The trader has raised about £2,100 over four days, according to website FundRazr. Hayes will refer his case to the Criminal Cases Review Commission, an organization set up to investigate suspected miscarriages of justice in UK courts, after losing an appeal to have his conviction overturned in December.

London-based Roli raises £18.4m

Roli, a UK start-up has raised $27 million (£18.4m) in venture capital to fund its development and expansion. The fundraising round was led by Foundry Group, and marks the first time the early-stage fund has backed a company outside the US. Roli is known for its ‘Seaboard Grand’, launched in 2014, a high-tech keyboard with flexible soft keys which allows musicians to create a new kind of sound. Fans now include soul legend Stevie Wonder, rapper Professor Green, composer Hans Zimmer, and pop star KT Tunstall.