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Share Name Share Symbol Market Type Share ISIN Share Description
Morses Club Plc LSE:MCL London Ordinary Share GB00BZ6C4F71 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  7.80 9.15% 93.00 93.20 94.00 94.00 90.00 90.00 223,643 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 100.2 0.5 0.2 547.1 123

Morses Club PLC Directorate Change

11/03/2021 7:00am

UK Regulatory (RNS & others)


Morses Club (LSE:MCL)
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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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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March 11, 2021 02:00 ET (07:00 GMT)

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