Extracts from today's RNS: "PCFG, the AIM quoted finance house, advises that the Group's results for the year ended 31 March 2015 are expected, subject to audit, to be ahead of market expectations." "Progress continues on the banking licence application and the Group intends to present its business plan to the relevant authorities in the coming month."
Scott Maybury, the chief executive of Private & Commercial Finance Group (LON:PCF), says securing the £10mln facility shows the consumer and small business lender has the backing of the government. In fact, Maybury says he only knows of two other asset finance companies that have also been rewarded. The company has agreed a £10mln, three-year loan facility with the commercial arm of the UK government’s economic development bank. The British Business Bank Investments’ facility takes PCF’s total lending headroom to £32.7mln, which it says is sufficient to fund anticipated growth in both its SME and consumer finance divisions.
Scott Maybury, the chief executive of Private & Commercial Finance (LON:PCF), says he is pleased with the half-year results despite a slight delay in obtaining a banking licence. Maybury talks about the competition from challenger banks and the importance of getting its own banking licence.
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