Home credit provider signs £15m facility

Home credit business Morses Club has signed a £15m loan facility.

The group has secured the extension which brings its overall revolving facility to £40m, to sit alongside existing lender Shawbrook Bank.

The Batley-based group will use the funding to support the growth of the company, which has seen around 550 self-employed agents and managers join the group recently.

The company anticipates that this will lead to more than 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. We look forward to updating the market further in our Trading Update on 31 August.”

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