Morses Club PLC (LON:MCL), an established provider of non-standard financial services, provided today the following update to its investors.
Following an ongoing review of the proposals for the reorganisation of its business and corporate structure to introduce a new holding company for the group, U Money PLC, Morses Club has decided not to proceed with the process and has withdrawn further activity to effect the members’ scheme of arrangement announced on 13 August 2021. Morses Club (Home Collected Credit) and Shelby Finance Limited (Digital) will continue to operate as separate divisions and the decision will have no direct impact on customers or the operating structure of the Group.
The decision was taken after it became apparent that there was no certainty that the work required to complete the process could be achieved within the remaining timescales which had already been extended from the original date of 12 October 2021. On this basis, the Board has determined that it is now not possible to meet the long-stop date of 31 December 2021.
Further funding arrangements for the Group have now been confirmed until 31 March 2023, and the business is trading in line with expectations, with continued strong customer demand for credit products in both trading divisions.
