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RNS Number : 3332E
Morses Club PLC
03 July 2019
3 July 2019
Morses Club PLC
Appointment of Non-executive Director
Morses Club PLC ("Morses Club", or the "Company"), the UK's
second largest home collected credit lender, is pleased to announce
the appointment of Leslie ("Les") Easson as a Non-executive
Director. Les will join the Board of Morses Club on 1 September
2019, as he retires from his current role as the Company's
Operations Director on 31 August 2019.
Les has worked for Morses Club for more than 36 years, starting
his career as an agent and working through all the management
levels culminating in his appointment to Operations Director in
2012. In 2014 he successfully managed field operations through the
merger of Morses Club and Shopacheck which led to the flotation of
the enlarged business in 2016. He has led the successful
acquisition of 19 HCC businesses and overseen significant
operational and IT changes to ensure that field managers and agents
deliver the best customer service with the 'Treating Customers
Fairly' principle central to the whole operating model. He has been
instrumental in transforming Morses Club's approach to
customer-focused operations, ensuring that the close customer-agent
relationship that defines Morses Club has remained at the heart of
the business as it has expanded and evolved to meet changing
customer needs.
Stephen Karle, Chairman of Morses Club, commented:
"On behalf of the Board, I would like to thank Les for his many
years of hard work at Morses Club. His expert knowledge and
understanding of the HCC industry, combined with his commitment to
providing best-in-class customer satisfaction, has been invaluable
to the Company. We look forward to benefiting from Les's experience
and deep sector knowledge in his new capacity as a NED."
The following information is disclosed pursuant to Rule 17 and
Schedule Two (g) of the AIM Rules for Companies
Leslie Gordon Easson, age 58, has been a director of the
following companies during the five years preceding the date of
this announcement:
Current Directorships: Croftness Development Limited
Former Directorships (previous 5 years): Shopacheck Financial
Services Limited
Hay Wain Group Limited
Morses Club plc
Leslie Easson was awarded a total of 377,388 options over
Ordinary Shares in the Company as part of the Company's deferred
share plan, which is subject to performance conditions. Mr Easson
has no direct interests in Ordinary Shares.
As part of the pre-IPO re-organisation of the Company, as
described in the Company's Admission Document, Mr Easson received
partial consideration on the sale of his 5.7% beneficial interest
in selling shareholder Hay Wain Group Limited (previously known as
Perpignon Limited), and has the right to receive deferred
consideration from Hay Wain Holdings Limited (parent company of Hay
Wain Group Limited). The deferred consideration payable to Mr
Easson is a function of any capital and income receipt by Hay Wain
Group Limited with respect to the Company's Ordinary Shares and is
calculated on a pro-rata basis.
Save as set out in this announcement, there are no further
matters to be disclosed in accordance with AIM Rule 17 and
paragraph (g) of Schedule Two of the AIM Rules for Companies.
For further information
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Andy Hayward, Chief Financial Officer
Panmure Gordon (UK) Limited (Nomad and Joint Tel: +44 (0) 20
Broker) 7886 2500
Fabien Holler / Atholl Tweedie (Corporate
Finance)
Erik Anderson (Corporate Broking)
finnCap Tel: +44 (0) 20
Jonny Franklin-Adams / Anthony Adams (Corporate 7220 0500
Finance)
Tim Redfern / Richard Chambers (Corporate
Broking)
Camarco Tel: +44 (0) 20
Ed Gascoigne-Pees / Jennifer Renwick / 3757 4984
Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 235,000 customers and over 1,900 agents across 95
locations throughout the UK.
The Company offers a range of loan products to its customers
through its extensive self-employed agent network. The majority of
the Company's borrowers are repeat customers and the Company enjoys
consistently high customer satisfaction with scores of 97% or
above(1) .
The Company is using technology to broaden its offering and
provide new products to ensure customers can access credit with the
flexibility they require. In April 2016, its cashless lending
product, the Morses Club Card, was introduced, enabling its
customers to buy online as well as on the high street. Dot Dot
Loans, the Company's first online instalment product, was launched
in March 2017.
Morses Club successfully 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(2) .
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.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP216 billion in February 2019(3) .
(1 Independent Customer Satisfaction Survey conducted by Mustard
2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis
of UK personal debt - July 2017 3 Source: Table A5.2, Bank of
England Money and Credit Bank stats February 2019)
About UK Home Collected Credit
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.
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(2) people using the services of UK HCC
lenders.
(2 High Cost Credit Review ANNEX 1 - July 2017)
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END
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