Banking Facility Update (3605Q)
18 October 2011 - 8:00PM
UK Regulatory
TIDMUFG
RNS Number : 3605Q
Ultimate Finance Group PLC
18 October 2011
18 October 2011
Ultimate Finance Group plc
("Ultimate Finance" or the "Group")
Banking Facility Update
Group's facility with Lloyds TSB Commercial Finance extended by
1 Year &
Asset Finance subsidiary increases funding facilities by GBP1m
to GBP2m total
Ultimate Finance Group plc (AIM: UFG), a leading provider of
financial solutions to SMEs, is pleased to today announce that it
has agreed terms to support the on-going growth of the Group's
business divisions.
Group's GBP34m Facility with Lloyds TSB Commercial Finance
Extended by One Year
Lloyds TSB Commercial Finance has extended its GBP34m
back-to-back financing facility for an additional year. The
agreement outlines that the contract has a new three-year minimum
term, an effective increase of a year to the previous minimum;
extending the facility through to 30 June 2014.
As announced at the Final Results for the year ended 30 June
2011, the headroom of this facility stands at GBP6.3m and is
considered sufficient to support the Group's continued growth.
Asset Finance Subsidiary Receives GBP0.5m Facility increase from
Siemens Financial Services Ltd. & New Facility of GBP0.5m from
Hitachi Capital
Now in its second year, the asset finance subsidiary 'Ultimate
Asset Finance' was set-up in July 2010 and provides commercial hire
purchase facilities to small and medium-sized businesses to assist
with the purchase of standard plant and machinery.
Ultimate Asset Finance has grown more quickly than expected,
exceeding management expectations by reaching breakeven in the
first three months of trading in the current financial year. Due to
the increased pace of growth and low levels of bad debt, Siemens
Financial Services Ltd. has increased its funding facility from
GBP0.5m to GBP1m and Ultimate Asset Finance is pleased to have
received a new facility of GBP0.5m from Hitachi Capital. These
facilities, together with the original GBP0.5m facility from
Singers Corporate Asset Finance Limited, increase the combined
total external funding available to the subsidiary to GBP2.0m.
Richard Pepler, CEO of Ultimate Finance plc, commented "We are
delighted to have extended our funding facilities with Lloyds TSB
Commercial Finance and increased our funding facilities with
Siemens Financial Services; both of these are existing providers,
and their commitment to Ultimate Finance demonstrates their
confidence in our continued growth prospects. Additionally, we are
particularly pleased to have engaged in a relationship with Hitachi
Capital, a new facility provider to the Ultimate Asset Finance
subsidiary, which is exceeding management expectations so far this
year."
For further information please contact:
Ultimate Finance Group plc Tel: +44 (0)845 251 3030
Richard Pepler, Chief Executive
Shane Horsell, Finance Director
Arbuthnot Securities Tel: +44 (0) 20 7012 2000
(Nominated Adviser and Joint Broker)
Antonio Bossi / Paul Gillam
WH Ireland Tel: +44 (0) 20 7220 1666
(Joint Broker)
John Wakefield / Richard smith
Threadneedle Communications Tel. +44 (0) 20 7653 9850
(Financial PR)
John Coles / Fiona Conroy
About Ultimate Finance Group plc
Ultimate Finance group is a leading provider of financial
solutions to SMEs across the UK. The Company is headquartered in
Bristol with offices in Manchester, Tunbridge Wells, Birmingham and
Cardiff and through its three subsidiaries, (ultimate invoice
finance, Ashley Commercial Finance, and ultimate asset finance),
provides support to SMEs by funding their growth. As bank lending
to SMEs is increasingly restricted in the current climate, the
benefits of ultimate finance's flexible and fast-moving solutions
become even more compelling.
The Company acquired Ashley Commercial Finance, an invoice
finance company, in October 2010, which significantly broadened the
Company's target market. This, coupled with the increased facility
of GBP34 million from Lloyds TSB Commercial Finance, provides a
strong platform for growth.
The co-founders, Richard Pepler (CEO) and Jeremy Coombes (Group
MD) have over 55 years of combined experience in the invoice
finance sector. With a diverse offering of products and services
now available to its clients, ultimate finance is well placed to
capitalise on the increasing demand for finance for SMEs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFFISAAFFSESS
Ultimate Finance (LSE:UFG)
Historical Stock Chart
From Aug 2024 to Oct 2024
Ultimate Finance (LSE:UFG)
Historical Stock Chart
From Oct 2023 to Oct 2024