LONDON (Alliance News) - Morses Club PLC, a home collected credit lender, said Tuesday it has increased its revolving credit facility to GBP50 million from GBP40 million.
The company added a new partner to its funding syndicate, with half of the GBP10 million in new funding is being provided by the unnamed new financing provider and the rest by a UK high-street bank extending its existing funding.
Morses Club also has agreed a further GB5 million mezzanine facility, with the potential to increase the loan to GBP15 million, if required.
The expiry of revolving credit facility remains unchanged at August 2020, with the mezzanine loan expiring in February 2021.
"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," said Chief Executive Paul Smith.
Shares in Morses Club were trading 0.8% lower at 132.14 pence each.