Morses Club PLC Retirement of Chief Financial Officer (8198X)
May 02 2019 - 2:01AM
UK Regulatory
TIDMMCL
RNS Number : 8198X
Morses Club PLC
02 May 2019
2 May 2019
Morses Club PLC
Retirement of Chief Financial Officer
Morses Club PLC ("Morses Club", or the "Company"), the UK's
second largest home collected credit lender, announces that its
Chief Financial Officer ("CFO"), Andy Thomson, plans to retire from
his role as CFO on 1 July 2019. Andy will remain as a Non-executive
Director ("NED") on the Board of Morses Club.
Andy was involved in the RCapital acquisition of Morses Club in
March 2009, remaining on the Board as a Non-executive Director,
with responsibility for financial management. Andy led the finance
function during the acquisition and integration of Shopacheck
Financial Services in 2014/15 before his appointment to full-time
CFO in 2016.
A search for a suitable successor is well advanced and an
announcement on the appointment will be made in due course (subject
to satisfactory completion of customary checks).
Stephen Karle, Chairman of Morses Club, commented:
"Andy has been instrumental in building Morses Club into the
UK's second largest HCC lender and guiding the Company through its
successful flotation in 2016. His analytical skills and financial
judgement have been invaluable over the past ten years. On behalf
of the Board, I would like to thank Andy for his efforts and look
forward to working with him in his capacity as a NED. The Board has
conducted a thorough process to identify a suitable successor and
is pleased to have attracted a number of quality candidates."
Andy Thomson, Chief Financial Officer of Morses Club,
commented:
"It has been a privilege to work with Morses Club over the last
ten years and see the transformation of the business into a leading
lender in the non-standard finance market. I believe we offer
essential products and services to our customers and I am very
proud of the overwhelmingly positive feedback we receive from them.
I am also proud of the Morses Club team and our culture which has
always believed in treating customers fairly and I look forward to
working with the Board in my new role."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Andy Thomson, Chief Financial Officer
Panmure Gordon (UK) Limited (Nomad and Joint Tel: +44 (0) 20
Broker) 7886 2500
Richard Gray / Fabien Holler / Atholl Tweedie
(Corporate Finance)
Charles Leigh-Pemberton (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 / Kimberley 3757 4984
Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 235,000 customers and 2,050 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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