(Alliance News) - 1PM PLC on Wednesday said it has further increased its back-to-back invoice finance funding facility with NatWest by GBP5.0 million, rising to GBP42.0 million.
The AIM-listed specialist finance provider said it intends to use the facility exclusively for the purpose of lending to UK businesses and providing its two invoice finance businesses, Positive Cashflow Finance and Gener8 Finance, with additional funding to meet demand from their growing number of small and medium-sized clients.
"I am delighted that the group has further strengthened its long-standing relationship with NatWest which continues to thrive and expand in our invoice finance division," said Chief Financial Officer James Roberts.
"The provision of larger and more flexible facilities enables us to increase our ability to grow whilst maintaining margins and make available further funding for UK businesses," added Roberts.
In addition, 1PM said, under the expanded medium-term loan note programme, it has now completed two issuances of loan notes, totalling GBP5.0 million. These medium-term loan notes have been placed with institutional funders.
1PM shares were trading 0.4% higher in London on Wednesday morning at 27.37 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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