Morses Club PLC, the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Hays Credit, a home collected credit lender.
Hays is a family-run business which has been operating since 1957, providing loans to approximately 2,700 customers across the North East of England.
Hays has outstanding balances of approximately £1.6m. Hays is regulated by the Financial Conduct Authority and is a member of the Consumer Credit Association.
In a statement, Morses Club said: “The acquisition further expands Morses Club’s core home collected credit business in the North East of England, complementing the recently announced acquisition of the business and assets of Eccles Savings & Loans Limited, the North West based home collected credit business with 3,000 customers.
Paul Smith, Chief Executive Officer of Morses Club, commented: “I am delighted to announce this acquisition and welcome Hays’ customers to Morses Club. Hays is a high-quality business and further expands our offering for clients in the North East. Home collected credit is the fundamental core of our business and our recent acquisitions demonstrate our commitment to both continuing to grow our home collected credit capabilities, as well as diversifying our broader online product offering”.