TIDMMCL

RNS Number : 3585P

Morses Club PLC

09 October 2019

9 October 2019

Morses Club PLC

Change of Advisers

Morses Club PLC ("the Company"), an established provider of non-standard financial services, is pleased to announce the appointments of finnCap Ltd, existing joint broker, as its Nominated Adviser and joint broker and Peel Hunt LLP as its joint broker with immediate effect.

For further information

 
 Morses Club PLC                                      Tel: +44 (0) 330 
  Paul Smith, Chief Executive Officer                  045 0719 
  Andrew Hayward, Chief Financial Officer 
 finnCap Ltd (Nomad and Joint Broker)                 Tel: +44 (0) 20 
  Jonny Franklin-Adams / Anthony Adams (Corporate      7220 0500 
  Finance) 
  Tim Redfern / Richard Chambers (ECM) 
 Peel Hunt LLP (Joint Broker)                         Tel: +44 (0) 20 
  Andrew Buchanan / Rishi Shah / Duncan Littlejohns    7418 8900 
  (Corporate) 
  Jock Maxwell Macdonald (ECM) 
 Camarco                                              Tel: +44 (0) 20 
  Ed Gascoigne-Pees / Jennifer Renwick / Kimberley     3757 4984 
  Taylor

Notes to Editors

About Morses Club

Morses Club is an established non-standard financial services provider, consisting of Morses Club, the UK's second largest home collected credit ("HCC") provider, and Shelby Finance, which operates online lending through its Dot Dot brand and U Holdings Limited, which provides online current accounts.

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(1) people using the services of UK HCC lenders.

The HCC division is the second largest UK Home Collected Credit lender with 224,000 customers and 1,817 agents across 92 locations 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 April 2016 its cashless lending product Morses Club Card was introduced, enabling its customers to buy online as well as on the high street. In February 2019, the Company introduced an online customer portal for its HCC customers, which had 30,000 registered customers at 31 August 2019.

Shelby Finance, via the Dot Dot brand has 36,000 active customers and U Holdings, through the U Account online current account brand has 16,000 customers. Dot Dot is a provider of 3 - 12 month online loans in the non-standard credit market.

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(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 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 GBP216 billion in February 2019(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 February 2019)

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.

END

APPFSEFMUFUSEFS

(END) Dow Jones Newswires

October 09, 2019 12:15 ET (16:15 GMT)

Morses Club (LSE:MCL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Morses Club Charts.
Morses Club (LSE:MCL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Morses Club Charts.