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Morses Club secures £15m funding boost

Paul Smith

Morses Club PLC has increased its overall revolving loan facility by £15m.

The home collected credit lender secured the addition of one of the UK’s leading high street lenders to its existing loan facility. 

Sitting alongside its existing funder Shawbrook Bank, it has increased the lender’s overall revolving facility from £25m to £40m.

The facility has also been extended from its existing expiry date of March 2019 to August 2020, which will support Morses Club’s growth strategy. 

It believes the facility will provide the certainty of long-term funding and enable Morses Club to continue its expansion plans as well as take advantage of the current opportunities in the marketplace. 

"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,” said Paul Smith, CEO of Morses Club (pictured above). 

"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, while delivering high-quality service to an increasing customer base.”

Morses Club has recently appointed around 550 self-employed agents and the company believes the facility will lead to over 400 new agent territory builds in the current financial year.

"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,” added Paul. 

“We look forward to updating the market further in our trading update on 31st August."

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