The Board is pleased to announce that it has secured a specific committed facility provided by HSBC UK of £20m to support the delivery Group's APF, a solution that it is presently developing. The facility is non-fee and non-interest bearing until drawn. The APF will enable the Group to fund early payments against approved invoices for suppliers to its buyside customers. The Group estimates that the annual spend of its buyside customers is more than £250bn and the Group is working with certain buyside customers to create an early adopter programme.
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