COWES Week title sponsor, Lendy, has gone into administration.

The move comes after action taken by the Financial Conduct Authority (FCA), which is investigating the peer to peer lending company.

Damian Webb, Phillip Rodney Sykes and Mark John Wilson of RSM Restructuring Advisory LLP are acting as administrators.

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

UPDATE 14:00

A spokesperson from Cowes Week Ltd said: "Cowes Week Limited (CWL) is understandably disappointed to learn that Lendy has entered administration and will not be able to meet its contractual obligations to what would have been the final Cowes Week of its three-year title sponsorship deal.

"CWL has been monitoring Lendy’s financial difficulties for some time and has made robust contingency plans to deal with this eventuality.

"While there may be some short-term financial implications, the event itself is under no threat and will remain one of the highlights of the British social and sporting calendar, as it has for the last 194 years.

"This year’s regatta will take place in August as usual, with a full programme of racing and shoreside entertainment, featuring the hugely anticipated UK edition of the global SailGP F50 championship and preceded by the prestigious King’s Cup regatta.

"Discussions regarding sponsorship for 2020 and beyond are already underway with several interested parties.

"In due course, CWL looks forward to welcoming a new headline partner for Cowes Week and to beginning the next chapter in the evolution of this world-famous historic regatta."