LONDON (Alliance News) - Morses Club PLC on Thursday said it has bought a north-west of England based home collected credit lender for an unspecified amount.
Doorstep lender Morses has bought Eccles Savings & Loans Ltd, which has been operating in the home collected credit industry for over 50 years, Morses said.
It has 3,000 customers and loan balances of GBP1.4 million.
Morses Chief Executive Paul Smith commented: "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."
Morses shares were 3.3% higher on Thursday at 155.00 pence each.
