UK- RCapital buys distressed Morses Club
Private investment boutique RCapital has acquired home collected credit provider Morses Club from Ernst & Young's administrators of London Scottish Finance Limited for an undisclosed sum.
RCapital specialises in the financial and operational restructuring of distressed businesses in the UK, and intends to turnaround Morses Club, whose previous owners went into administration in December 2008.
Worcester-based Morses Club is a home collected credit business that provides short-term loans to customers nationwide. The company, originally a part of G.U.S. Home Shipping, employs 180 people and has a current turnaround of £33m.
The management team will remain unchanged.
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