Morses Club to acquire U Holdings.

Morses Club, the UK's second largest home collected credit lender, offered to acquire U Holdings. The consideration for the Acquisition comprises initial cash consideration of £5.8m, financed from existing Morses Club cash and debt facilities, and deferred consideration of up to £5m, payable in cash over the next four years to February 2023, conditional upon certain net profit criteria having been met. Paul Smith, Chief Executive Officer of Morses Club, commented: "This acquisition represents a fantastic opportunity to enter the rapidly growing online banking market. U Account features the full suite of digital banking services and has grown its customer base to c.20,000 active customers. U Account's offering is highly complementary to that of Morses Club, and through this acquisition we expect to deliver significant synergies and cross selling opportunities."