Morses Club Limited and Shelby Finance Limited - Administration
Morses Club Limited, a Nottingham-based subprime lender, and its sister company Shelby Finance Limited, which provides loans online under the Dot Dot Loans brand, entered administration on 17 November. Ed Boyle and Rob Spence of Interpath Advisory were appointed joint administrators. The companies have recently faced financial pressures including customer claims brought against Morses Club for unaffordable lending. In May, Morses Club entered into a scheme of arrangement to provide redress payments to customers and to allow the business to continue to operate, but the firm has reportedly been unable to refinance its existing debt. The appointment of administrators has resulted in the automatic termination of the scheme. 272 staff across the two companies have been retained while the joint administrators assess options, while over 100 staff have been made redundant. Hay Wain Group Limited has registered charges against both of the companies.