West Yorkshire credit lender secures £15m facility

Morses Club PLC, the UK’s second largest home collected credit lender, has secured a new £15m Loan Facility.

The Batley-based lender has now increased the overall revolving facility to £40m, to sit alongside the existing funder, Shawbrook Bank.

The extended facility will support the growth strategy of the business, providing the certainty of long-term funding and enabling Morses Club to continue its expansion plans.

In particular, the funding supports the growth anticipated from the 550 self-employed agents and managers who have recently joined the Group.

The lender anticipates that this will lead to over 400 new agent territory builds in the current financial year.

Paul Smith, chief executive officer of Morses Club, commented: “We are delighted that two of the UK’s leading financial institutions have recognised the strength of our business and will be key financial partners in supporting our growth strategy going forward.

“Our investment in technology has achieved efficiencies and created capacity that has supported significant growth in agent numbers and their successful integration into the business in the first half of this year.

“This new loan facility will enable us to continue to invest in growth and our product diversification strategy, whilst delivering high quality service to an increasing customer base.

“We remain committed to our view that growth in this sector is based on a deep understanding of the non-standard customer, and delivering the needs of a changing market.”

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