29 May 2012 07:00
1PM PLC
(AIM: OPM)
New £2million Block Discounting Facility
1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new £2 million block discounting facility with a UK based commercial and retail bank. The funds will be used exclusively for the purpose of writing new lease contracts.
Maria Hampton, Managing Director of 1pm, commented:
"This is excellent news for 1pm and is the single largest tranche of funds granted to us to date. We have worked very hard to grow the business in a controlled but prudent manner increasing the size and quality of our loan book. This new facility reflects the increased reputation and financial standing the company now has within the industry following its improved trading performance and strengthening balance sheet.
This new facility, along with our existing credit lines will provide much needed funding to the SME market throughout the UK and Northern Ireland whose ability to expand has been hindered over recent years due to the lack of credit available via the banking industry.
To meet growing demand we have increased the amount we will advance from £30,000 to £50,000 for equipment purchases, and widened the range of assets which we will lend against. The extra funds will enable the Company to continue with its growth strategy and to support both existing and new customers".
For further information, please contact: | |
1pm plc | |
Mike Johnson, Chairman | 0844 967 0944 |
Maria Hampton, Managing Director | 0844 967 0944 |
WH Ireland (NOMAD) | |
Mike Coe | 0117 945 3470 |
Marc Davies | |
Winningtons Financial PR | 0117 985 8989 |
Paul Vann | 07768 807631 |
paul.vann@winningtons.co.uk |
About 1pm:
1pm plc is an established independent asset finance company focused on providing SMEs with accessible funding to add value to their businesses. All customers must have good credit histories and proven ability to repay their finance commitments. 1pm currently lends from £1,000 to- £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.
You can find more information on the Company website www.1pm.co.uk