Ann: FXL retailer update 26 September 2019, page-59

go back and read past annuals to get a better idea of what they were. Although they are reinventing themselves with Humm, a lot of what they did in the past was similar, but they are just re - engineering themselves so they can approve quickly via apps, rather than the customer having to fill in reams of paperwork. The other thing worth reading is announcements where they securitise debt - they don’t just have a big loan from a bank. If the securitisation market dried up, that would be quite problematic as well, but it is probably easier than trying to deal with a bank loan and covenants,