Morses Club increases loan facility

(Sharecast News) - Home collected credit lender Morses Club has increased its revolving credit facility from £40m to £50m. The company said on Tuesday that it now has a new partner in its funding syndicate, with half of the new of funding being provided by a "highly regarded" financing provider, and one of the UK's leading high street lenders extending its existing funding to provide a further £5m.Morses has also agreed a further £5m mezzanine facility with the potential to increase this to £15m if required. The revolving credit facility remains unchanged at August 2020, with the mezzanine expiring in February 2021.The group said the funding will enable it to continue growing and take advantage of the consolidation that it expects to see in the market following recent regulatory changes.Chief executive officer Paul Smith said: "We are delighted to have introduced another well-respected financial institution to our funding partners. The extension to our debt facilities will enable us to invest further in the growth of the business and finance exciting acquisition opportunities, as we continue to expand our product offering to address the evolving needs of our customers."At 1315 GMT, the shares were down 0.2% to 133p.