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IN BRIEF: Time Finance agrees deal to extend existing finance facility

3rd Apr 2024 15:40

Time Finance PLC - finance provider to small and medium businesses - Agrees extension to its existing asset finance facility with the British Business Bank under its Enable funding programme. The current GBP35 million hard asset facility increases to GBP64 million and will also be available to fund the group's vendor finance offering. This facility, along with further recently renewed and enhanced facilities, provides over GBP40 million of new funding capacity. Increases total funding facilities available to over GBP200 million. Time Finance says demand for asset finance remains strong. Chief Financial Officer James Roberts says: "The enhanced facility will enable Time Finance to provide additional funding to UK SMEs for their business-critical equipment in one of our more secured and key strategic growth areas."

Current stock price: 39.90 pence, up 3.1% in London on Wednesday

12-month change: up 71%

By Jeremy Cutler, Alliance News reporter

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