1PM PLC Invoice finance facilities extended with Natwest (8139R)
05 March 2019 - 6:01PM
UK Regulatory
TIDMOPM
RNS Number : 8139R
1PM PLC
05 March 2019
5 March 2019
1pm plc
(the "Group" or the "Company")
Current GBP37m back-to-back invoice finance funding facilities
extended and consolidated with Natwest with additional GBP5m
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
GBP37m facilities currently in place. This new facility also
includes an additional GBP5m 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.
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END
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