Mon, 24 Jun 2019 | BUSINESS SALE
Sheffield-based U Holdings Limited, which trades under the name U Account, has been acquired by home-collected credit lender Morses Club.
The digital current account provider has been snapped up in an initial £5.2 million deal, with a deferred consideration of up to another £5 million. The remaining sum will be payable in cash over the next four years to February 2023, subject to meeting particular net profit criteria.
U Account provides a range of card services and in-app features to allow customers to handle their finances in an efficient manner. It is expected that U Account’s services will prove complementary to Morses Club’s offerings and clients – 235,000 of whom expressed an interest in opening an online current account.
As a result of the acquisition, Morses Club has taken over U Account’s digital banking platform and other technology, as well its 20,000 existing active customers.
Chief executive of Morses Club, Paul Smith, 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.
“This is another exciting step for Morses Club as, consistent with our stated strategy, we continue to diversify our product offering to serve a broader range of customers across the non-standard credit space.
“Our differentiated use of technology enables Morses Club’s customers to access a broader range of more flexible and suitable credit.”
For more news stories about acquisitions, click here. For all our business for sale listings, click here.
The company provides person-centred support, progression and community integration, helping clients gain skills for living, employment and social skills.
LEASEHOLD
Offers an extensive selection of state-of-the-art security solutions, including CCTV, access control and alarm systems, for both commercial and domestic properties.
LEASEHOLD
Provides a comprehensive range of HVAC, mechanical, public health and electrical design and build solutions. Also provides post-contract maintenance services.
LEASEHOLD
26
|
Feb
|
Hanson-owned brickwork contractor closes down | BUSINESS NEWS
Brickwork firm Irvine-Whitlock, a subsidiary of building mat...
25
|
Feb
|
Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS
Acquisitive wealth management firm Fairstone Financial Manag...
24
|
Feb
|
Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE
Nestlé has strengthened its position in the e-commerc...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources