Morses Club adds Sheryl Lawrence and Michael Yeates to its Board as Independent Directors and announces COO Gary Marshall joining as Executive Director

– UK, Birstall –  Morses Club PLC (LON: MCL), an established provider of non-standard financial services, today announced the appointments to its Board of Sheryl Lawrence and Michael Yeates as Independent Non-Executive Directors and COO Gary Marshall as Executive Director, effective 1st May 2021.

“I am delighted to welcome Sheryl, Michael and Gary to the Board. Sheryl has extensive experience of embedding governance, risk and compliance into the culture, commercial strategies and operations of financial services companies, which, combined with Michael’s significant retail banking experience and track record of leading successful business transformations, will serve the Board well. We look forward to benefiting from their experience and deep sector knowledge.” said Board Chairman, Stephen Karle.

He added: “Gary has led the recent transformation of Morses Club’s digital offering and the Board will greatly benefit from his extensive expertise in developing and delivering digitalized platforms in often challenging regulatory and market conditions.”

About Sheryl Lawrence

Sheryl Lawrence is a chartered accountant and holds an MBA from London Business School, as well as an LLM from the Institute of Advanced Legal Studies. She has held senior executive roles at Barclays, Lloyds Bank, Santander, Coventry Building Society, Nationwide Building Society, and Provident Financial Group. Sheryl began her banking career at NatWest Bank in 1996, after 11 years of multi-sector experience with Coopers & Lybrand. Sheryl has been an Independent Non-Executive Director of RCI Bank UK since January 2019, where she is Chair of the Board Audit Committee and Chair of the Nomination and Remuneration Committee.

About Michael Yeates

Michael Yeates has over 40 years of experience in the financial services industry, serving in the building society, retail bank, and investment bank sectors. Michael has been heavily involved in business transformation as both an employed executive and as an independent board consultant, having advised more than 40 boards including HSBC, Barclays, The Royal Bank of Scotland, NatWest, Santander, and Nationwide. He has also been involved in policy development for HM Government. Michael spent 17 years at Cheltenham & Gloucester Plc, culminating in the position of General Manager, helping to grow the business from the 16th largest building society into a Global 100 bank and the UK’s 3rd largest lender.

About Gary Marshall

Gary Marshall joined Morses Club in 2019 and has overall responsibility for the Group’s IT and Change functions. He is responsible for leading the integration and development of the digital business, Shelby Finance, including the delivery of new platforms which can effectively meet customer demand as the business grows. Before joining Morses Club, Gary was Interim COO of Sainsbury’s Bank and has held various roles at Aviva plc, Egg plc, GE Capital, Aon Ltd, Santander Plc, Anglo Irish Bank, and Yorkshire Bank.

About Morses Club

Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK’s second-largest home collected credit provider, and Shelby Finance Limited, Morses Club’s Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group’s growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an increasingly broad range of financial products and services to the non-standard credit market.

UK HCC is considered to be a specialized 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. Repayments are collected either remotely or in person, during weekly follow-up visits to customers’ homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million1 people using the services of UK HCC lenders.

Morses Club’s HCC division is the second-largest UK Home Collected Credit lender with 152,000 customers throughout the UK. The majority of the Company’s customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 97%2. In 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 124,000 registered customers.

The Group’s growing Digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online installment loans of up to 48 months to c. 23,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 6,000 customers.

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