LONDON (Alliance News) - SME financing provider 1pm PLC on Thursday said it has acquired a book of receivables for GBP1.6 million in cash through its Academy Leasing Ltd subsidiary.
The book comprises around 1,000 finance leases with SME customers on vehicle fleet equipment, 1pm said. The gross receivable value of the book is GBP2.0 million, with an effective yield of 17%.
"As well as adding to the Group's lease portfolio, generating additional cash and profit over the next three years, this acquisition provides a great opportunity to introduce our existing product range to a new group of customers," said 1pm Chief Strategic Officer Mike Nolan.
1pm shares were down 0.9% to 67.39 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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