Corporate Restructure for UK leading payday loan specialist
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