1PM PLC Invoice finance facilities extended with Natwest (8139R)

TIDMOPM

RNS Number : 8139R

1PM PLC

05 March 2019

5 March 2019

1pm plc

(the "Group" or the "Company")

Current GBP37m back-to-back invoice finance funding facilities extended and consolidated with Natwest with additional GBP5m option;

Simplifies Invoice Finance division's funding lines and provides headroom for future growth

1pm plc, the AIM listed independent specialist finance provider, is pleased to announce that it has signed a new two-year back-to-back funding facility with Natwest for its invoice finance entities Positive Cashflow Finance and Gener8 Finance. The new facility consolidates and replaces on similar terms the existing GBP37m facilities currently in place. This new facility also includes an additional GBP5m of accordion funding to meet the companies' growth aspirations for the near term.

James Roberts, Chief Financial Officer, commented:

"Having announced new and improved funding lines last year with regards to our asset division, we are now able to announce the putting in place of new and expanded funding facilities for our invoice finance division. Both at a group level and through our subsidiary Positive Cashflow Finance we have worked with and developed an excellent relationship with Natwest over recent years and I am very pleased that this will now extend across our entire invoice finance division. I believe these new facilities are reflective of our reputation within the industry as an ambitious and growing business and this enlarged and combined facility will enable us to provide further funding for UK SMEs and bolster our ability to grow our invoice finance activities".

 
 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, Julian Morse 
  (Sales)                                      0207 397 8900 
 
 Walbrook PR                                   0207 933 8780 
 Paul Vann                                      07768 807631 
                                    [e-mail] 
 

About 1pm:

1pm's strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a "hybrid" lending and broking model enabling it to optimize business levels through market and economic cycles.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCLZLLBKXFBBBX

(END) Dow Jones Newswires

March 05, 2019 02:01 ET (07:01 GMT)