Morses Club in Leeds secures credit facility extension

Doorstep lender Morses Club has secured an extension of its revolving credit facility with its existing funding syndicate until the end of November 2021.
Paul Smith, CEO of Morses Club, said he is delighted that we have secured a new loan facility"Paul Smith, CEO of Morses Club, said he is delighted that we have secured a new loan facility"
Paul Smith, CEO of Morses Club, said he is delighted that we have secured a new loan facility"

The Leeds-based firm has agreed a reduction in the level of the facility from £50m to £40m to better reflect the requirements of the business over the next 18 months as it anticipates some deleveraging driven by decreased sales volumes due to Covid-19.

In the last year this additional £10m headroom has not been used, the firm added.

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Paul Smith, CEO of Morses Club, said: “I am delighted that we have secured a new loan facility and that our three existing funders continue to support the business during this challenging period, demonstrating their confidence in Morses Club and our growth and digital diversification strategy.

“The new loan facility provides us with sufficient funding to meet our requirements including expanding our product offering as we address the evolving needs of our customers.”

The firm was advised on the extension of the RCF by finnCap’s debt advisory team.

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