26th Nov 2019 13:54
(Alliance News) - Specialist finance provider 1pm PLC has agreed new funding facilities, it said on Tuesday, to fund further growth.
The new cash is mainly for its Loans division, in the form of an increase in the current GBP7.5 million secured medium-term note programme to a maximum of GBP25 million.
A further GBP5 million of funding for the Loans division has been set up with some long-standing financiers.
1pm said the new funds would give in the "flexibility" to issue notes with a range of maturities, repayment profiles, and fixed interest rates.
Chief Financial Officer James Roberts commented: "I am delighted the group has further strengthened its relationships with a number of key block discounting funding partners as well as reaffirming and significantly expanding the MTN Programme.
"We now have sizeable funding facilities in place across all our divisions, affording comfort over our funding capabilities for the foreseeable future as well as providing a wide range of cash flow solutions to the UK small and medium enterprise market.
"In 2018 we announced our GBP35 million partnership with the British Business Bank to fund our hard asset leasing business; in March of this year we announced our extended and consolidated GBP37 million facility with Natwest to help grow our invoice finance businesses, and now we are delighted to be able to announce our combined GBP30 million of funding facilities for our loans division.
"Given the wider macroeconomic uncertainty, our partners' desire to support and work with us and to provide larger and more flexible facilities is extremely pleasing and reflective of the group's reputation within the industry as an ambitious and growing business," concluded Roberts.
Shares in 1pm were 2.1% higher on Tuesday afternoon in London at a price of 33.18 pence each.
By George Collard; [email protected]
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