Time Finance PLC Delivery of First Asset-Based Lending Facility

TIDMTIME

Time Finance PLC

24 May 2023

24 May 2023

RNS REACH

Time Finance plc

("Time Finance", the "Group" or the "Company")

Delivery of First Asset Based Lending Facility

Time Finance plc (AIM: TIME), the independent specialist finance provider, is pleased to announce that it has delivered its first Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm based in the Southeast of England.

The GBP1.1m facility has been tailored to release critical working capital, providing headroom for the client company to take on a number of important new contracts and comprises GBP650,000 in Invoice Financing and a GBP450,000 Property Loan component.

The Group's ABL product, which has been developed within the Invoice Finance Division over the past 12 months, can now provide SMEs with the opportunity to drive growth plans and support day-to-day business expenses, including supplier and HMRC payments, stock and materials purchasing and employee wages. By leveraging existing assets, including invoices, stock, and property, businesses can overcome cash flow challenges and access essential working capital.

Ed Rimmer, CEO of Time Finance, commented,

"Delivering our first ABL facility underlines how Time Finance works closely with clients and introducers to develop comprehensive and innovative funding solutions to businesses of all sizes across the UK. Our stated aims to become a nationally recognised SME funder, to double our Gross Lending Book and to generate organic profits beyond pre-covid levels whilst significantly strengthening the balance sheet by 2025, remain on track."

 
 For further information, please 
  contact: 
 
 Time Finance plc 
 Ed Rimmer, Chief Executive Officer                                        01225 474230 
 James Roberts, Chief Financial Officer                                    01225 474230 
 
 
 Walbrook PR                                                              0207 933 8780 
 Paul Vann / Joe Walker                                                    07768 807631 
                                                             [e-mail] 
 
 

About Time Finance:

Time Finance's core strategy is to focus on providing the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, loan, invoice and vehicle finance. While primarily an 'own-book' lender the Group does operates a 'hybrid' lending and broking model enabling it to optimize business levels through market and economic cycles.

More information is available on the Company website www.timefinance.com .

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May 24, 2023 04:04 ET (08:04 GMT)