1PM Signs GBP35 Million Finance Facility With British Business Bank

27th Mar 2018 14:14

LONDON (Alliance News) - 1PM PLC said on Tuesday it has signed an asset finance facility with the British Business Bank to provide GBP35 million in funding.

The facility will enable 1PM to "significantly expand" its asset finance lending to businesses across the UK small and medium enterprise sector, primarily for those seeking "hard asset" finance, namely equipment with robust residual values after a period of use.

The new facility increases the total funding facilities available to the group to in excess of GBP155 million.

The deployment of the facility will enable 1PM's Bradgate subsidiary to increase the amount and diversify the range of lending for business-critical equipment used by small and medium enterprise businesses, while resolutely maintaining its "strict" underwriting criteria.

Shares in the company were up 1.8% at 47.32 pence on Tuesday.

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