Corporate Restructure for UK leading payday loan specialist
Added: (Tue Feb 21 2006)
The company’s four payday loan brands – Month End Money, PayDay UK, MyPayDay Loan and Payday Store will all now be incorporated under the umbrella of MEM Consumer Finance Ltd.
Iain McKenzie, CEO of MEM Capital plc explains, “The payday lending industry in the UK has grown immensely since we opened for business in 2003. As one of the leading providers of short term finance we feel the time is right to look at new expansion opportunities. However, it is still important to maintain growth in our core lending business, so have streamlined these brands under one, focused company. We have the same teams and practices in place so the transition will definitely be a smooth one and it will make no difference at all to our existing customers”.
Day to day responsibility for the business goes to MEM Capital plc’s Chief Operating Officer, Kirsty Auchincloss who helped Mr McKenzie build the existing payday loan portfolio. She comments, “I remember writing our first payday loan in August 2003 in a tiny room where we’d set up office. Today we have twelve full time staff; an extensive external support network and are turning over hundreds of thousands of pounds a month, rather than just hundreds of pounds in payday loans!”
Looking forward to the challenge of continuing to grow the business successfully, Miss Auchincloss continues, “Teamwork has always been the essence of MEM. At first, it was just Iain and I working on new business sales, returning customers and all payments which meant we had to be particularly efficient at sharing the load. Now we have a dedicated new business team for people applying for a payday loan for the first time; a customer service team for our regular repeat business; and a production team for all payment options. However, each team member can step into another team at a moment’s notice to help out and that’s something we’re really happy with”.
MEM Consumer Finance’s brands will continue to offer loans between £80 and £1000 (subject to status) repayable on the customer’s next payday. Payday loans are helpful to people to bridge unexpected financial shortfalls or provide additional funds for those important months!
For more information contact:
CEO MEM Consumer Finance Ltd
Tel: 0871 550 0072
Submitted by:Michael Hanna