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RNS Number : 1448F
Morses Club PLC
03 November 2022
3 November 2022
Morses Club PLC
Board Appointments
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
changes to the Board.
Steve Curtis will join the Board with effect from 5 November in
the role of Interim Chair (non-independent), subject to FCA
approval. Steve has extensive experience as a Chair and CEO across
a broad range of sectors, including financial, and has direct
knowledge of the credit sector. He has a proven track record and
particular expertise in working with financial institutions and
executive teams to effect business restructuring to drive
growth.
Following an early career at a number of large UK businesses,
which led to several Board appointments, Steve set up his own
practice in 2012 and has since focused on the successful turnaround
and growth of companies in the private equity space. Steve played a
key role in the flotation of Morses Club on the AIM market in 2016
and since April 2022 has been helping the Company in a strategic
advisory position.
Sheryl Lawrence will also take on the role of Deputy Chair with
effect from 5 November, in addition to her roles as Senior
Independent Director and Chair of the Audit Committee.
Additionally, Terry Baxter will join the Board with effect from
5 November as an independent Non-Executive Director and Chair of
the Risk Committee, subject to FCA approval. Terry has extensive
experience at Board level, having worked in a variety of roles for
Target Group Limited, ultimately as the Group Risk and Compliance
Director, and as part of the leadership team of Grant Thornton's
Financial Services Group. Terry has conducted a number of skilled
person reviews during his career covering a wide variety of topics
such as compliance, risk management, responsible lending and
financial crime.
Gary Marshall, Chief Executive Officer of Morses Club,
commented:
"We are delighted that both Steve and Terry have joined the
Board during this period of significant change. Steve's wealth of
commercial experience, both directly in the credit sector and in
wider consumer sectors, is directly relevant to Morses Club's
future business and funding strategy as we continue to work up the
detail of a potential Scheme of Arrangement. Sheryl's appointment
as Deputy Chair, in addition to her other roles, adds further
independence to the Board and Terry's appointment brings
particularly relevant experience during a period of transformation
for the business."
AIM Disclosures
Stephen Curtis is 57 years old and during the last five years
immediately preceding the date of this announcement held the
following directorships:
Current Previous
Aspen Phoenix Midco Limited Brentford One Limited
Aspen Phoenix Topco Limited Brentford Three Limited
Curtis Steve Consulting Llp Brentford Two Limited
Fantastic Voyage Limited (10122130)
Jcp One Limited
Qsol 2 Capital Holdings Llp
Qsol 2 Capital Investments Llp
Quilam Capital Holdings 2 Llp
Quilam Capital Holdings Limited
Quilam Capital Investments 2
Llp
Quilam Capital Investments Llp
Quilam Capital Limited
Rcap Four Limited
Retail Realisation Llp
Steve Curtis Consulting Limited
System Training Group Holdings
Limited
Tailer Bidco Limited
Beheren Limited
The following disclosures are made as required under sections
(v) to (vii) paragraph (g) of Schedule 2 of the AIM Rules for
Companies in relation to companies that were placed into
liquidation or receivership/administration where Stephen Curtis was
a director at the time or a director 12 months preceding the
event:
Beheren Limited: administrators were appointed in February 2022
and the process remains ongoing.
Terence Alexander Baxter is 60 years old and during the last
five years immediately preceding the date of this announcement held
the following directorships:
Current Previous
Portdog Consulting Ltd Target Group Limited
Target Financial Systems Limited
Target Servicing Limited
Harlosh Limited
Elderbridge Limited
There is no further information to be disclosed pursuant to
Schedule Two Part (g) of the AIM Rules for Companies.
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 credit
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 of 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
range of lending products 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 loans delivered directly to customers either remotely or
in their homes.
Morses Club's HCC division is the largest UK Home Collected
Credit (HCC) lender(1) with 143,000 customers throughout the UK.
The HCC division enjoys consistently high customer satisfaction
scores of 97%(2) . In 2019 the Company introduced an online
customer portal for its HCC customers, used by 81% of
customers.
The Group's growing Digital division, Shelby Finance, operates
under the online brand Dot Dot Loans which provides online
instalment loans of up to 48 months to c. 39,000 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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END
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