LONDON – British subprime lender Morses Club announced on Friday it had abandoned a planed overhaul of its business and rebrand as U Money.
Morses said it was scrapping the plan following a review, after it became clear the work would not complete by a revised deadline of the end of the year. The original deadline was October 12.
The company said its doorstep lending unit Morses Club and digital unit Shelby Finance would continue to operate as separate divisions.
It added it had confirmed funding arrangements until March 2023 and trading was in line with expecations.