Worcester-based home collection credit business Morses Club has purchased NFL Direct for an undisclosed amount.
Turnaround investor RCapital, which was founded by Jamie Constable in 2004 and has led rescue deals for Little Chef and S Robinson & Sons, bought Morses Club from Ernst & Young in 2009. The accountancy firm was acting on behalf of a bank which had owned the business since 2004.
Speaking then, Peter Ward, co-founder of RCapital, said, ‘RCapital invested in Morses club because it showed great potential for recovery and future growth…the company lost focus after being purchase by the bank and was held within a large, insolvent corporate entity.’
The business went on to become profitable within six months, with the initial investment repaid within two years.
Morses’ new acquisition is said by RCapital to bolster its personal cash loans to consumers offering.
Constable, CEO of RCapital, adds, ‘In the last four years the evolution of the business has been impressive in terms of both the size of change and the speed.
‘Morses has emerged from financial challenges to a solid position of considerable financial strength.’
Morses Club CEO Doug Martin says the plan for the business going forward is to pursue both organic growth and development through acquisition.
‘We are actively seeking additional acquisition opportunities in the independent home collected credit sector that present a good fit for our business,’ he says.