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Morses Club PLC on Tuesday said its funders will not provide a peak trading advance against its loan book from November 15 until February 2023.
Nottingham, England-based Morses is a provider of non-standard credit services in the UK.
As a result of not being provided with an advance during peak trading, Morses consequently will constrain spending in both its Home Collected Credit and digital divisions.
The group said its current facility of £25 million remains in place until March 2023, supported by two present funder consortiums.
Morses' funders have continued to grant a deferral of the testing of two covenants, and there has been no breach of the covenants to date.
Morses' share were down 6.5% to 2.24 pence midday on Tuesday in London.
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