Chair steps down at struggling lender

Nottingham-based sub-prime lender Morses Club has been handed a fresh blow after its chair and an independent non-executive director stepped down from the board.

Sir Nigel Knowles – the former chair of Sheffield City Region Local Enterprise Partnership – has relinquished the chairmanship to concentrate on his role as CEO at law firm DWF Group.

Knowles joined the Morses Club board in May 2016 as senior independent director before becoming chair in March 2022.

He will leave the role with immediate effect.

The news follows warnings that the company could enter insolvency unless it agrees a Scheme of Arrangement.

In a statement last month Morses said it had suspended processing claims made against its “unaffordable” loans while it pursues the potential use of a such a Scheme.

Now, to compound its woes, the firm has also announced the departure of Michael Yeates, who joined the board in May 2021 as an independent non-executive director.

Morses Club CEO Gary Marshall said: “We would like to thank both Sir Nigel and Michael for their contribution to the Board during their time with us, and for their continued support during a period of considerable change. We wish them both the very best for the future.

“We will commence the search for Board replacements immediately, with careful consideration for Morses Club’s future business and funding strategy and as we continue to work up the detail of a potential Scheme of Arrangement.”