LONDON (Alliance News) - 1PM PLC Wednesday said it has negotiated a total of GBP4 million of additional block discounting facilities, which it said it will use solely to write new business.
Block discounting is a form of lending to companies secured against customer invoices.
In a statement, the provider of financing facilities to small and medium sized businesses said the facilities comprise of a new GBP3 million facility and an increase of GBP1 million to an existing facility. It said the loan terms are consistent with other facilities.
"This additional funding will help us to meet the continuing demand for finance from the SME sector and underpins our plans for growth. The total amount of new funding raised since May 31 2013 now stands at GBP11.3 million," said 1PM Chief Executive Officer Maria Hampton in a statement.
1PM shares were up 3.3% at 72.80 pence Wednesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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