Mo Money Taxes sells company

MEMPHIS, Tenn. (WAVY) - WAVY.com has learned Mo Money Taxes and Money Co USA have decided to sell their company to investors.

In a news release sent to a Memphis television station, Mo Money co-founder Markey Granberry says he and co-owner Derrick Robinson are selling the Memphis-based tax prep firm to a small group of investors.

The move means Mo Money Taxes will no longer go by that name. Granberry writes they are 'retiring the brand name.' But the company will still exist.

Granberry says Mo Money sold to small investor groups made up of Mo Money's former licensed operators nationwide. Those licensees are the people who ran the individual stores, like the six Norfolk locations.

The only hint given for the reason for selling is the first line of the release. It reads: "In an effort to maintain it's 17 years of entrepreneurial growth and community development."

As for customers' personal information, Granberry writes, "Their information is intact and the same quality service that customers grew to love for 17 years will be provided."

Customers reported not receiving their tax refund checks on time from the company, which is now facing legal action as well as an investigation by the IRS, which cannot comment on an investigation unless charges result from it.

Mo Money closed down about half a dozen locations in Norfolk in February.