JAMES Benamor, the loans company boss remembered for his appearance on TV’s The Secret Millionaire, has stood down from his post.

Mr Benamor, founder and chief executive of Bournemouth-based Amigo Loans, is stepping down to pursue other ventures and spend more time with his growing family, the company said.

The father-of-five will remain on the company’s board in a non-executive position.

Mr Benamor said: “I’ve spent 10 years building Amigo and today I’m proud to see a thriving, responsible, honest company which has helped nearly 200,000 customers improve their lives by providing good old-fashioned, honest and responsible finance.”

He said the new chief executive, Chris Gillespie, was “the best person to now push Amigo to the next phase of its growth, along with our incredible employees”.

Mr Benamore added: “Meanwhile, I’m going to work on some exciting new stuff and actually get to watch my kids’ sports day races for a change. I can’t wait.”

Mr Benamor founded the Richmond Group in 1999 to arrange loans for those excluded by mainstream lenders.

Its company Amigo Loans arranges loans for people who can provide a guarantor to take responsibility if they default.

He appeared on Channel Four’s The Secret Millionaire in 2008, giving away some of his fortune to residents of Manchester’s Moss Side.

He revealed how he had dabbled in petty crime and drug-taking and told viewers he had a passion to help other disaffected young people.

Amigo moved from Richmond Hill to the Triangle in 2013.

Mr Benamor was in a Twitter row with consumer champion Martin Lewis last year.

The founder of the Money Saving Expert website said he felt “slightly sick” at Amigo adverts describing loans at a long-term 49.9 per cent as ‘affordable’.

Mr Benamor defended his company, saying the loans his company arranged could be used the same way as payday loans but with “around 100th of the APR”.

Mr Gillespie said: “James has created an amazing business.

“I’m thrilled to be working with such a brilliant team to take the business forward to the next phase of its development, while continuing to offer both fantastic products and superior service to our customers.”