Inactive Instrument

Morses Club PLC

Equities

MCL

GB00BZ6C4F71

Morses Club says it is still materially loss making

September 30, 2022 at 03:49 am

(Reuters) - British subprime lender Morses Club said on Friday it was on a materially loss-making spree, as it was still in talks with regulators on how to deal with a surge in customer complaints against its doorstep-lending unit.

The company, which has paused the processing of all new claims since Aug. 11, said it had seen a drop in lending volumes and customer numbers in both its home credit and digital divisions in the half year ended Aug. 27.

(Reporting by Sinchita Mitra in Bengaluru; Editing by Anil D'Silva)

Latest news about Morses Club PLC

Morses Club PLC Reports Earnings Results for the Full Year Ended February 25, 2023	23-09-11	CI
Morses Club shares cancelled from trading on AIM in London	23-02-13	AN
Morses Club CEO wants "explanation" as custodian sells stock	23-02-10	AN
FTSE 100 Closes Down 0.17% Dragged by Miners, Oil Stocks	23-01-31	DJ
Morses Club receives extension for facility until end of March	23-01-31	AN
Tesco cuts jobs; AG Barr raises profit guidance	23-01-31	AN
UK Green Gilt Issuance Will Be Limited in Coming Years	23-01-31	DJ
UK Consumers' Lower Borrowing at Year-End Signals Hit to Economy	23-01-31	DJ
AIM WINNERS & LOSERS: Morses surges; XLMedia performs in line	23-01-31	AN
FTSE 100 Falls as IMF Highlights UK's Economic Fragility	23-01-31	DJ
Morses Club Soars 75% After Securing Extension for Term-out Clause of GBP25 Million Facility	23-01-31	MT
Stocks down as IMF cuts UK GDP forecast	23-01-31	AN
FTSE 100 has record in sight; US earnings begin	23-01-13	AN
AIM WINNERS & LOSERS: Morses Club jumps as delisting put in doubt	23-01-13	AN
An unknown buyer acquired approximately 6.55% stake in Morses Club PLC from J O Hambro Capital Management Limited.	23-01-12	CI
Morses Club proposes to delist to go private; has shareholder support	23-01-12	AN
Morses Club Down 53% After Revealing Intention To Delist From AIM	23-01-12	MT
More UK retail cheer as markets rise before US CPI	23-01-12	AN
TRADING UPDATES: Serinus completes rig-up; Xtract concludes JV deal	22-12-15	AN
FTSE 100 Closed Up Boosted by US Inflation Data	22-12-13	DJ
UK Unemployment Rate Expected to Increase to 5% by End of 2023	22-12-13	DJ
AIM WINNERS & LOSERS: Invinity Energy jumps on battery systems order	22-12-13	AN
Sterling Could Be Well-Positioned to Rise if US Inflation Eases	22-12-13	DJ
FTSE 100 Rises As Oil, Banks Gain; Retailers Fall	22-12-13	DJ
FTSE 100 Closes Up 0.2% Ahead of Black Friday	22-11-24	DJ

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Company Profile

Morses Club PLC is a United Kingdom-based company that is engaged on providing home credit. The Company operates through two segments: Home Collected Credit (Morses Club) and Digital (Shelby Finance Limited and U Holdings Limited). The Home Collected Credit segment operates under the Morses Club brand, it provides small, short-term loans to customers. The Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account is a digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. The Company also provides Morses Club Card, a cashless lending product to its customer.

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