Last checked at 24 May 2023 09:04
24 May 2023
RNS REACH
Time Finance plc
("Time Finance", the "Group" or the "Company")
Delivery of First Asset Based Lending Facility
Time Finance plc (AIM: TIME), the independent specialist finance provider, is pleased to announce that it has delivered its first Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm based in the Southeast of England.
The £1.1m facility has been tailored to release critical working capital, providing headroom for the client company to take on a number of important new contracts and comprises £650,000 in Invoice Financing and a £450,000 Property Loan component.
The Group's ABL product, which has been developed within the Invoice Finance Division over the past 12 months, can now provide SMEs with the opportunity to drive growth plans and support day-to-day business expenses, including supplier and HMRC payments, stock and materials purchasing and employee wages. By leveraging existing assets, including invoices, stock, and property, businesses can overcome cash flow challenges and access essential working capital.
Ed Rimmer, CEO of Time Finance, commented,
"Delivering our first ABL facility underlines how Time Finance works closely with clients and introducers to develop comprehensive and innovative funding solutions to businesses of all sizes across the UK. Our stated aims to become a nationally recognised SME funder, to double our Gross Lending Book and to generate organic profits beyond pre-covid levels whilst significantly strengthening the balance sheet by 2025, remain on track."
For further information, please contact: | |
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Time Finance plc | |
Ed Rimmer, Chief Executive Officer | 01225 474230 |
James Roberts, Chief Financial Officer | 01225 474230 |
Walbrook PR | 0207 933 8780 |
Paul Vann / Joe Walker | 07768 807631 |
timefinance@walbrookpr.com
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About Time Finance:
Time Finance's core strategy is to focus on providing the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, loan, invoice and vehicle finance. While primarily an 'own-book' lender the Group does operates a 'hybrid' lending and broking model enabling it to optimize business levels through market and economic cycles.
More information is available on the Company website www.timefinance.com.
This is an RNS Reach announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Group's performance. RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.