8 Apr 2015 07:00
8 April 2015
Private & Commercial Finance Group plc
("PCFG" or the "Group")
New Debt Facility
PCFG, the AIM quoted finance house, is pleased to announce that it has secured a £10 million term facility with an availability period of up to 36 months from British Business Bank Investments Ltd, the commercial division of the UK Government's economic development bank.
PCFG is a leading independent provider of asset finance for SMEs across the UK and will utilise the new facility to help grow its finance lease portfolio of business critical assets. This facility takes PCFG's total facility headroom to £32.7 million which provides the Group with further headroom to fund the anticipated growth in its SME and consumer finance divisions.
Scott Maybury, Chief Executive of PCFG said:
"We are delighted to have been awarded this significant facility. The support of British Business Bank Investments will be key to expanding our lending into the vital SME sector. Our proven business model ensures fast and efficient funding for businesses that require vehicle and asset finance, and I look forward to providing more detail on PCFG's progress over recent months in our trading update in mid April."
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For further information please contact:
Private & Commercial Finance Group Scott Maybury, Chief Executive Robert Murray, Managing Director Zane Kerse, Finance Director
| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Chris Munden / Niall Walsh / Lucia Caprani
| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Fred Walsh / Peter Steel / Atholl Tweedie
| Tel: +44 (0) 20 7886 2500 |
Westhouse Securities Limited Henry Willcocks
| Tel: +44 (0) 20 7601 6100 |
About Private & Commercial Finance Group plc (www.pcfg.co.uk)
Established in 1994, Private & Commercial Finance Group plc is an AIM-quoted finance house which has two main operating divisions:
• Consumer Finance which provides finance for motor vehicles to consumers; and
• Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a highly efficient and scalable business model, utilising its specially developed internet-based proposal system to service national networks of brokers and suppliers.
About British Business Bank Investments Ltd (www.bbbinv.co.uk)
British Business Bank Investments is the commercial subsidiary of British Business Bank plc. It aims to earn a commercial return by investing debt and equity into providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
In doing so, it aims to:
· support the development of diverse debt and equity finance markets which supply small to smaller mid-cap businesses
· increase the level of finance to those businesses, in particular improving the provision of long-term finance
· promote competition and increased supply through new and existing finance providers
British Business Bank Investments Limited operates primarily in the smaller and mid-sized business finance markets. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank website. Neither British Business Bank plc nor British Business Bank Investments Ltd is authorised or regulated by the Prudential Regulatory Authority or the Financial Conduct Authority.