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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.21 | 0.20 | 0.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCL
RNS Number : 7629J
Morses Club PLC
15 December 2022
15 December 2022
Morses Club PLC
Extension of Term-Out Clause
Morses Club PLC ("Morses Club", the "Company" or, together with its subsidiary undertakings, the "Group"), an established provider of non-standard credit services, provides the following update on its funding provision.
The Group's current facility of GBP25m remains in place until 31 March 2023 and its funders have now agreed to extend the term-out clause to February 2023. The funders continue to grant a deferral of the testing of two covenants, and accordingly there has been no breach of the covenants to date.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for this announcement is Graeme Campbell, Chief Financial Officer.
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 Gary Marshall, Chief Executive Officer 045 0719 Graeme Campbell, Chief Financial Officer Peel Hunt (Nominated Adviser) Tel: +44 (0) 20 Paul Shackleton / Andrew Buchanan / Sam Milford 7418 8900 (Investment Banking Division) Camarco Tel: +44 (0) 20 Jennifer Renwick / Charlotte Hollinshead 3757 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 largest home collected credit ("HCC") provider(1) , and Shelby Finance Limited, Morses Club's Digital division, which operates under the online brand Dot Dot Loans, an online lending provider. The Group's growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver a broad range of lending 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 directly to customers' homes.
Morses Club's HCC division is the largest UK Home Collected Credit (HCC) lender(1) with 116,000 customers throughout the UK. The HCC division enjoys consistently high customer satisfaction scores of 95%(2) . In 2019 the Company introduced an online customer portal for its HCC customers, which now has over 95,000 registered customers which is 82% of HCC customers.
The Group's Digital division, Shelby Finance, operates under the online brand Dot Dot Loans providing online instalment loans of up to 48 months to c. 25,000 active 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 GBP9.6bn(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 borrowing. 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 GBP197 billion in August 2021(5) .
(1 Based on Net Loan Book of GBP45.3m as at 28 August 2021 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 - December 2020 5 Table A5.2, Bank of England Money and Credit Bank stats August 2021)
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December 15, 2022 02:00 ET (07:00 GMT)
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