1PM PLC Increased Funding Facility with NatWest (4009D)
19 February 2020 - 6:00PM
UK Regulatory
TIDMOPM
RNS Number : 4009D
1PM PLC
19 February 2020
19 February 2020
1pm plc
(the "Group" or the "Company")
INVOICE FINANCE DIVISION SECURES INCREASED FUNDING FACILITY
PROVIDING FURTHER HEADROOM FOR GROWTH
1pm plc, the AIM listed independent specialist finance provider,
is pleased to announce that it has further increased its
back-to-back invoice finance funding facility with NatWest by an
additional GBP5.0m to GBP42.0m. The facility will be used
exclusively for the purpose of lending to UK businesses and
provides the Group's two invoice finance businesses, Positive
Cashflow Finance and Gener8 Finance, with additional funding to
meet demand from their growing number of SME clients. Over the
twelve months since 31 January 2019, the combined invoice finance
businesses have achieved steady growth in client numbers and funds
advanced to clients during this period have increased by 9%. Both
businesses continue to experience robust demand.
In addition, under the expanded Medium-Term Loan Note ("MTNs")
Programme, announced on 26 November 2019, the Group has now
completed two issuances of loan notes, specifically for the Group's
Loans Division, totalling GBP5.0m. These MTNs have been placed with
institutional funders. A total of GBP8.8m of MTNs have now been
issued.
The term lengths of the funding facilities for the Group's lease
and loans divisions are largely "matched" with the term of the
lending provided to UK SMEs. As such, the funding amortises over
the duration of the lease or loan term, which is typically three
years and is not impacted by interest rate changes. This matching
practice and fixed interest rate policy are key elements of the
Group's risk management and governance.
James Roberts, Chief Financial Officer, commented:
"I am delighted that the Group has further strengthened its
long-standing relationship with NatWest which continues to thrive
and expand in our invoice finance division.
"We have substantial funding facilities in place across all our
lending divisions and I believe these facilities are reflective of
the positive working relationships with our funding partners and
our position within the marketplace. The provision of larger and
more flexible facilities enables us to increase our ability to grow
whilst maintaining margins and make available further funding for
UK businesses."
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
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 / Ben Jeynes (NOMAD)
0207 397 8900
Julian Morse (Sales)
Walbrook PR 0207 933 8780
Paul Vann 07768 807631
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.
More information is available on the Company website
www.1pm.co.uk
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END
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