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Morses Club ends restructuring process
Following a review of its reorganisation proposals, Morses Club has announced it will abandon its restructuring process and the incorporation of a new holding company.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The decision was taken after it became apparent that there was no certainty the work required to complete the process could be achieved within the timeframe, coming to an end on 31 December 2021.
The home-collected credit provider initially set out its scheme of arrangement on 13 August 2021. The corporate restructure would have involved the introduction of a new, AIM-quoted holding company for the group under the name U Money, and would have operated two distinct business divisions.
In addition to the abandonment of the reorganisation process, the group confirmed that further funding has been arranged until 31 March 2023, and the business is trading in line with expectations.
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