11th Jul 2016 09:23
LONDON (Alliance News) - Private & Commercial Finance Group PLC on Monday said it has entered a new five-year debt facility of up to GBP83.0 million with its majority shareholder.
The firm, which provides vehicle finance to small and medium-sized businesses, said it intends to use the loan to fund growth in originating new loans. The facility will expire in July 2021.
The loan has been provided by Bermuda Commercial Bank Ltd, which owns a 73% stake in Private & Commercial.
"We are delighted to agree this significant additional funding on attractive terms to grow our portfolio of receivables. This delivers another of the synergies we identified when becoming a subsidiary of Bermuda Commercial Bank and provides further evidence of their support of our strategic objectives," said Private & Commercial Chief Executive Scott Maybury.
Shares in Private & Commercial were untraded on Monday morning, having last traded at 25.90 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PCF.L