ING dealer group Millennium 3 has pulled the plug on cash to female-centric Superwoman Financial Solutions Group citing management and finance issues.
"Millennium 3 has appointed administrators to Superwoman in which it acquired 50 per cent shareholding in October 2006. It is working with administrators to explore options for refinancing," an ING spokesman told InvestorDaily.
ING has withdrawn its financing from Superwoman which has gone into voluntary administration, he confirmed. Sources close to Superwoman headquarters said it was rumoured ING planned to snap up the business while it was being run by the creditors. The spokesman declined to confirm or deny the rumour.
"It's business as usual. We think [Superwoman] has good prospects, it's just a question of financing and management," the spokesman said.
ING refused to comment on rumoured cultural differences between Superwoman founder and chief executive officer Tim Harrison and Millennium 3. It was confirmed that Harrison has left the business.
Superwoman Financial Solutions Group declined to comment.
Superwoman was licensed in July 2005. Superwoman Financial Solutions Group was formed by a joint venture with Millennium 3 last year. Its headquarters are in Rushcutters Bay, Sydney.
The group has two divisions - money managers Superwoman Financial Solutions and mortgage specialist Superwoman Money. Both are headed by managing executive Shari Mitchell.
The group opened a large 'hub and spoke' centre in Carrington Street in Sydney's CBD in March and had plans to open similar centres in Brisbane and Melbourne. The group also planned to open Superwoman Money franchises in six Sydney suburbs.
The administrators are Bob Murphy and David Hambleton of Brisbane-based RE Murphy & Co.
