Island Echo is reporting that Cowes Week title sponsor Lendy Ltd has entered administration just weeks before this year’s edition of the annual Isle of Wight sailing fixture.

The Portsmouth-based property finance firm today (Friday 24 May) appointed administrators following “action taken” by the Financial Conduct Authority.

The Financial Times says the collapse is “the largest failure to date in Europe’s nascent peer-to-peer lending sector”.

The FCA said there is an ongoing investigation into the circumstances that have led to its action.

In June 2017 Lendy agreed a three-year deal, which runs until the end of August this year, to be title sponsor of Cowes Week.

It is not clear how today’s developments will affect this year’s regatta, which runs from 10-17 August.

Organisers previously said they expected “reduced Lendy marketing activity” during the week.