12 Jun 2019 07:00
12 June 2019
Morses Club PLC
Appointment of Chief Financial Officer
Morses Club PLC ("Morses Club", or the "Company"), the UK's second largest home collected credit lender, is pleased to announce the appointment of Andrew Hayward as Chief Financial Officer ("CFO"), subject to regulatory approval. Andrew will join Morses Club on 1 July 2019 and will also be appointed as an Executive Director to the Morses Club Board.
Andrew joins Morses Club from eServGlobal, the ASX and AIM listed digital financial transactions technology company, where he has been CFO for more than two and a half years. Prior to this position, Andrew held the role of Head of Finance for Hurricane Energy PLC for almost five years and spent six years at PwC in various roles across audit and corporate finance, latterly working in their TMT (Technology, Media, Telecoms) corporate finance team.
Paul Smith, Chief Executive Officer of Morses Club, commented:
"We are delighted to welcome Andy to Morses Club. Andy has extensive experience in the mobile technology and digital payments space and will make a significant contribution to the delivery of our strategic plans as we continue to diversify our product offering to serve a broader range of customers across the non-standard credit space."
Andrew Joseph Hayward, age 40, is currently a director as shown below. He has not been a director or partner of any other company or partnership during the last five years.
Current directorships
eServGlobal Limited
eServGlobal Holdings SAS
eServGlobal SAS
eServGlobal UK Limited
eServ UK Limited
eServGlobal Singapore Pte Limited
Save as set out in this announcement, there are no further matters to be disclosed in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.
For further information
Morses Club PLC Paul Smith, Chief Executive OfficerAndy Thomson, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Richard Gray / Fabien Holler / Atholl Tweedie (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) | Tel: +44 (0) 20 7886 2500 |
finnCapJonny Franklin-Adams / Emily Watts / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
CamarcoEd Gascoigne-Pees / Jennifer Renwick / Kimberley Taylor | Tel: +44 (0) 20 3757 4984 |
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 235,000 customers and 2,050 agents across 95 locations throughout the UK.
The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 97% or above1.
The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers2.
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing.
Since February 2014, unsecured personal lending has grown from £161 billion to £216 billion in February 20193.
1 Independent Customer Satisfaction Survey conducted by Mustard2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 20173 Source: Table A5.2, Bank of England Money and Credit Bank stats February 2019
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with approximately 1.6 million2 people using the services of UK HCC lenders.
2 High Cost Credit Review ANNEX 1 - July 2017