I actually emailed the club a few days ago, just heard back from them now. Thought I'd share what the guy has to say.
Thank you for taking the time to write to us to express your views and I’m sorry you’re so disappointed at today’s announcement. We have examined the correspondence received on this subject and formulated a response in order to try and address all the keys points. I’m realistic this response may not change your overall opinion, but hopefully I’ll be able to bring some important points to your attention. However, having said that should you wish to discuss this further with me then please feel free to do so, my direct dial number is ***********.
The Money Shop has been based in Wolverhampton since 2001, both employing and serving many local people. They have 250 high street stores, with 20 of those based in the region. They have also been the sponsor of the Sir Jack Hayward Stand for the last seven years and by the time the initial three-year main club sponsorship agreement ends, they will have supported the club for over ten years. Therefore, they are a very established and long-standing sponsor of Wolves, who we all know very well. The Money Shop are a fully diversified financial services provider, offering a range of financial products. Short term loans are just one part of their overall offering, along with other financial products such as travel money and pre-paid cards. The Money Shop are fully regulated by the Financial Conduct Authority (FCA) and are leading the way with going above and beyond what is required from regulation. To be frank, if they weren’t active in short-term loans, which are only offered after a rigorous affordability check, then undoubtedly, they would leave a major vacuum for unscrupulous – and unregulated – lenders to enter the fold. The Money Shop are offering a transparent choice, which is subject to stringent checks, and many customers benefit from the service.
Michael Edwards, The Money Shop’s Chairman, who is also a lifelong Wolves fan and a former Chief Executive of Brighton & Hove Albion’s Community Trust, talked at the press conference about how The Money Shop intended to work with the Club and Wolves Community Trust to improve financial awareness, education and put something back into the local community. The sponsorship of Wolves gives them the media platform to talk about the steps to improve transparency - as I referred to above - and to communicate the fact they are much more than a short term loans provider. The overall reaction to the announcement perhaps justifies their reasoning and shows there’s still lots to be done in this area. Over the next three years, The Money Shop will be a running a number of different community and fan projects. Therefore, hopefully, as the relationship develops over time, The Money Shop will be able to convey the full reality and scope of what they offer and the role they are playing to improve financial transparency in the markets in which they operate. The fact we’ve managed to secure a three-year main club sponsorship deal with The Money Shop – in the face of fierce competition in the sponsorship market and despite being up for sale – is a very significant achievement for the Club. With the Club available for sale – and with the search for new investment ongoing – we have to work harder than ever to generate our own income via commercial activities and as I’ve said before, The Money Shop agreement has been secured after many months of hard work – particularly by my commercial colleagues. This sort of commercial revenue is essential to the Club as we live within our means, whilst continuing to try and improve the squad.
I note you do not wish to receive any correspondence from us which associates with The Money Shop. I absolutely understand and respect your view on this however, can I ask you to utilise the ‘unsubscribe’ button from the previous or next email you receive which will prevent any further emails being received by you.
Thanks again for your correspondence. As I alluded to at the start of my email, I would never assume to change your opinion. However, I’ve tried to address all of your points individually and, hopefully, you’ve got some sense of the research and diligence involved in securing The Money Shop as a main club sponsor, and the time we’ve spent on learning and building our understanding of the regulated markets in which they operate.
Best regards
Paul
Paul Richards
Head of Safeguarding & Supporter Liaison Officer
