Listed home credit firm completes takeover of regional credit business

An AIM-listed West Yorkshire credit provider has completed the acquisition of home collected credit lender, Eccles Savings & Loans.

Batley-headquartered Morses Club, the UK’s second largest home collected credit  lender, said that the takeover will expands the business and strengthens its position in “a competitive market.”

Eccles Finance is a family-run business, which has been active in home collected credit for over 50 years.

Based in the North West, Eccles Finance has 3,000 customers and loan balances of around £1.4m.

Paul Smith, CEO of Morses Club, said: “We are delighted to announce the acquisition of another well-established regional home credit business with a high-quality loan book that further expands Morses Club and strengthens our position in a competitive market.

“This acquisition is in line with our stated acquisition strategy and we intend to make further earnings accretive acquisitions as and when the opportunities arise.”

Eversheds Sutherland advised Morses on the deal.