Morses Club PLC Directorate Change (8607R)
March 11 2021 - 01:00AM
UK Regulatory
TIDMMCL
RNS Number : 8607R
Morses Club PLC
11 March 2021
11 March 2021
Morses Club PLC
Directorate Change
Morses Club PLC ("Morses Club" or the "Company"), an established
provider of non-standard financial services, announces that Les
Easson, Non-Executive Director, has informed the Company of his
intention to retire from the Board of Morses Club on 17 March
2021.
Les joined Morses Club as an agent in 1983 and rose quickly
within the organisation to hold a number of management roles,
latterly serving as Operations Director between 2012 and 2019,
before joining the Board as a Non-Executive Director.
Stephen Karle, Chairman of Morses Club, commented:
"I would like to extend my sincere gratitude to Les for his
decades of service to Morses Club and his instrumental contribution
to the Company's success, leading a significant acquisition
programme for HCC as well as various operational and IT changes
which have been key to the Company's customer-centric culture. We
wish him well in his retirement."
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nomad) Tel: +44 (0) 20 7418
Andrew Buchanan / James Britton / Rishi 8900
Shah / Duncan Littlejohns (Investment Banking
Division)
Camarco Tel: +44 (0) 20 3757
Jennifer Renwick / Oliver Head / Jake Thomas 4994
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial
services in the UK. The Group consists of Morses Club, the UK's
second largest home collected credit ("HCC") provider, and Shelby
Finance Limited, Morses Club's Digital division, which operates
under two online brands, Dot Dot Loans, an online lending provider,
and U Account, which offers online e-money current accounts. The
Group's growing Digital capabilities and scalable, highly invested
IT platform has enabled Morses Club to deliver an inc reasingly
broad range of financial products and services to the non-standard
credit market.
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered dir ectly to customers' homes.
Repayments are collected in person during weekly follow-up visits
to customers' homes. UK HCC is considered to be stable and
well-established, with approximately 1.6 million (1) people using
the services of UK HCC lenders.
Morses Club's HCC division is the second largest UK Home
Collected Credit (HCC) lender with 152,000 customers throughout the
UK. The majority of the Company's customers are repeat borrowers
and the HCC division enjoys consistently high customer satisfaction
scores of 97% (2) . In 2016, the Morses Club Card, a cashless
lending product, was introduced and in 2019 the Company introduced
an online customer portal for its HCC customers, which now has over
124,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to c. 23,000 active customers. U Account
is a leading digital current account provider offering an altern
ative to traditional banking by providing a fully functional agency
banking service. U Account currently has c. 6,000 customers.
Morses Club listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers (3) and total loan receivables
of GBP10.7bn (4) .
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis and the market is characterised by high frequency borrowin g.
Approximately 2 million people move annually between standard and
non-standard markets (4) .
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP225 billion in February 2020. It has since
contracted to GBP206 billion in October 2020 (5) .
(1 High Cost Credit Review ANNEX 1 - July 2017) (2 Independent
Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost
Credit Review Technical Annex 1: CRA data analysis of UK personal
debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK
Market Insight Report - September 2019 5 Table A5.2, Bank of
England Money and Credit Bank stats October 2020)
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