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RNS Number : 9986A
Morses Club PLC
05 October 2020
 

5 October 2020

Morses Club PLC

Appointment of Chief Financial Officer

Morses Club PLC ("Morses Club" or "the Company"), an established provider of non-standard financial services, is pleased to announce the appointment of Graeme Campbell as Chief Financial Officer ("CFO"), effective 12 October 2020, subject to regulatory approval. He will also be appointed as an Executive Director to the Morses Club Board.

 

Andy Thomson, currently interim CFO of the Company, will remain in an executive capacity until the publication of the Company's FY20 results to ensure a smooth transition and regulatory handover, following which, Andy will re-assume his role as Non-Executive Director on the Board.

 

Graeme was most recently the Chief Financial Officer of BrightHouse (a trading name of Caversham Finance Limited) ("BrightHouse"), which provided rent-to-own and cash lending services to the UK consumer market. Graeme became the CFO of BrightHouse in 2018.  He joined the company in 2011 and held a number of roles including Director of Finance as well as the Strategy and Digital Director, and Chief Information Officer, during which he spearheaded the financial, IT and emerging digital strategy of the business, alongside its retail offering. Prior to this, he held roles at Virgin Media and Thresher Group.

 

Paul Smith, Chief Executive Officer of Morses Club, commented:

"I am delighted to welcome Graeme to Morses Club. Graeme brings a wealth of highly relevant sector and financial experience, along with broader digital and commercial skills, which will be invaluable to Morses Club as we look to grow the business over the coming years. I look forward to working with him as the Company continues to consolidate its position as a leading non-standard finance provider.

 

"On behalf of the Company, I would like to thank Andy Thomson for his tenure as interim CFO. Andy's hard work and dedication has helped the Company navigate a challenging market and establish Morses Club's current platform for growth in the wider non-standard financial services sector. We look forward to continuing to draw on Andy's experience in his position as a Non-Executive Director of the Company." 

 

During the last five years immediately preceding the date of this announcement, Graeme Campbell held the following directorships:

 

Brighthouse Topco Limited - Current

B15 Finco Limited - Current

B15 Midco Limited - Current

B15 Limited - Current

B15 Group Limited - Current

B15 Holdings Limited - Current

Crazy George's Limited - Current

Caversham Finance Limited - Current - Administrator Appointed in March 2020

Caversham Trading Limited - Current - Administrator Appointed in March 2020

 

There are no further matters to be disclosed pursuant to paragraph (g) of schedule 2 of the AIM Rules.

 

 

For further information please contact:

 

Morses Club PLC                                             
Paul Smith, Chief Executive Officer
Andy Thomson, Interim Chief Financial Officer

Tel: +44 (0) 330 045 0719

Peel Hunt (NOMAD)
Andrew Buchanan / James Britton / Rishi Shah / Duncan Littlejohns (Corporate)

Jock Maxwell Macdonald (ECM)

Tel: +44 (0) 20 7418 8900

Camarco
Jennifer Renwick / Oliver Head / Jake Thomas

Tel: +44 (0) 20 3781 8332

 

 

 

 

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 second largest home collected credit ("HCC") provider, and Shelby Finance Limited, Morses Club's digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group's growing digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an increasingly broad range of financial 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. 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 million1 people using the services of UK HCC lenders.

Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 169,000 customers 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 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 112,000 registered customers.

The Group's growing digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to 37,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 18,000 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 consumers3 and total loan receivables of £10.7bn4.

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 markets4.

Since February 2014, unsecured personal lending has grown from £161 billion to £216 billion in February 20195.

 

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

Review ANNEX 1 - July 2017

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