24 Jul 2019 07:00
24 July 2019
Morses Club PLC
Appointment of Chief Operating Officer to Shelby Finance Limited
Morses Club PLC ("Morses Club", or the "Company"), the UK's second largest home collected credit lender, is pleased to announce the appointment of Gary Marshall as Chief Operating Officer ("COO") of its fully owned subsidiary Shelby Finance Limited ("Shelby Finance"), effective from 22 July 2019.
Gary will be responsible for leading the integration and development of the digital product offering for Shelby Finance to deliver a range of products, based on customer demand. This will include the continued consolidation of the recent acquisitions of CURO Transatlantic Limited and U Holdings Limited. His focus will be in ensuring that the platform, product range and service to customers are best in class as we continue to develop our online offerings in agency banking and credit.
Gary was most recently Interim COO of Sainsbury's Bank, a role he held for almost two years, with a focus on IT, information security, operations and business change. Prior to this, he held various roles at Aviva plc, including Interim COO of Aviva Ireland and Interim Managing Director of Aviva Life & Pensions Ireland.
Gary has wide ranging financial services experience, having worked at senior levels in organisations including Egg plc, GE Capital, Aon Ltd, Abbey National Plc and Northern Rock. He has extensive expertise in both developing and delivering digitized product offerings, with significant customer-focused experience often in challenging regulatory and market conditions.
Paul Smith, Chief Executive Officer of Morses Club, commented:
"We are delighted to welcome Gary to his role at Shelby Finance. Gary's vast operational experience across the financial services industry and his expertise in the digitalisation of businesses and the customer journey will be invaluable in helping us to maximise our digital offering for customers. I look forward to working with Gary as we pursue our plans of expanding our product offering to suit customers across the broad non-standard credit market."
For further information
Morses Club PLC Paul Smith, Chief Executive OfficerAndrew Hayward, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Fabien Holler / Atholl Tweedie (Corporate Finance) Erik Anderson (Corporate Broking) | Tel: +44 (0) 20 7886 2500 |
finnCapJonny Franklin-Adams / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
CamarcoJennifer 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 over 1,900 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