1PM PLC £62m New & increased Block Discounting Facilities (6820K)
April 12 2018 - 2:01AM
UK Regulatory
TIDMOPM
RNS Number : 6820K
1PM PLC
12 April 2018
12 April 2018
1pm plc
(the "Group" or the "Company")
NEW AND INCREASED GROUP-WIDE BLOCK DISCOUNTING FACILITIES OF
GBP62m;
CREATES GBP97M OF FUNDING LINES WHEN COMBINED WITH RECENT GBP35M
BRITISH BUSINESS BANK ("BBB") FACILITY
1pm plc, the AIM listed independent specialist provider of
finance facilities to the SME sector, is pleased to announce that
it has recently negotiated increased Block Discounting Facilities
totalling GBP62.0m with six existing funding partners offering
improved flexibility. GBP14.5m of these facilities are increases to
existing arrangements. When combined with the recently announced
GBP35m facility with the BBB this results in the Group having
access in aggregate to GBP49.5m of additional funding in the total
of GBP97m new and renegotiated facilities. At the end of February,
the Group also announced access to international retail investor
funding to augment its funding mix through the Mintos
marketplace.
The additional funding will be used exclusively for the purpose
of writing new business in the financing of asset and loan lending
to UK SMEs.
James Roberts, Chief Financial Officer, commented:
"I am delighted that on the back of the recent announcements of
our links with both the BBB and Mintos, we are able to announce
that the Group has further strengthened its relationships with six
key block-discounting funding partners.
Our partners' desire to work with us has seen us move from
numerous standalone smaller facilities tied to individual
subsidiary entities to larger, more flexible, group-wide
facilities. This enables us to move further towards consolidating
an overall corporate treasury function and to benefit from the
associated economies of scale as we continually look to reduce our
cost of funding and increase our Net Interest Margin.
The new facilities are also reflective of the Group's growing
reputation within the industry as an ambitious and high-quality
business. Taken as a whole our recent funding developments position
us appropriately to meet the continuing demand for finance from UK
SMEs and will underpin our strategy for growth in the Group's asset
finance and loan finance divisions."
For further information, please
contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief Financial
Officer 01225 474230
Cenkos (NOMAD)
Max Hartley, (NOMAD), Julian
Morse (Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies
focused on providing SMEs with accessible funding to add value to
their businesses. All customers must have good credit histories and
proven ability to repay their finance commitments.
Mission Statement - 'Helping the UK economy grow by supporting
SMEs'
More information is available on the Company website
www.1pm.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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