5 Mar 2019 07:00
5 March 2019
1pm plc
(the "Group" or the "Company")
Current £37m back-to-back invoice finance funding facilities extended and consolidated with Natwest with additional £5m option;
Simplifies Invoice Finance division's funding lines and provides headroom for future growth
1pm plc, the AIM listed independent specialist finance provider, is pleased to announce that it has signed a new two-year back-to-back funding facility with Natwest for its invoice finance entities Positive Cashflow Finance and Gener8 Finance. The new facility consolidates and replaces on similar terms the existing £37m facilities currently in place. This new facility also includes an additional £5m of accordion funding to meet the companies' growth aspirations for the near term.
James Roberts, Chief Financial Officer, commented:
"Having announced new and improved funding lines last year with regards to our asset division, we are now able to announce the putting in place of new and expanded funding facilities for our invoice finance division. Both at a group level and through our subsidiary Positive Cashflow Finance we have worked with and developed an excellent relationship with Natwest over recent years and I am very pleased that this will now extend across our entire invoice finance division. I believe these new facilities are reflective of our reputation within the industry as an ambitious and growing business and this enlarged and combined facility will enable us to provide further funding for UK SMEs and bolster our ability to grow our invoice finance activities".
For further information, please contact: |
|
|
|
1pm plc |
|
Ian Smith, Chief Executive Officer | 01225 474230 |
James Roberts, Chief Financial Officer | 01225 474230 |
|
|
Cenkos (NOMAD) |
|
Max Hartley, Julian Morse (Sales) | 0207 397 8900 |
|
|
Walbrook PR | 0207 933 8780 |
Paul Vann | 07768 807631 |
| paul.vann@walbrookpr.com |
About 1pm:
1pm's strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a "hybrid" lending and broking model enabling it to optimize business levels through market and economic cycles.