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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultimate Fin. | LSE:UFG | London | Ordinary Share | GB0031685414 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMUFG
RNS Number : 3605Q
Ultimate Finance Group PLC
18 October 2011
18 October 2011
Ultimate Finance Group plc
("Ultimate Finance" or the "Group")
Banking Facility Update
Group's facility with Lloyds TSB Commercial Finance extended by 1 Year &
Asset Finance subsidiary increases funding facilities by GBP1m to GBP2m total
Ultimate Finance Group plc (AIM: UFG), a leading provider of financial solutions to SMEs, is pleased to today announce that it has agreed terms to support the on-going growth of the Group's business divisions.
Group's GBP34m Facility with Lloyds TSB Commercial Finance Extended by One Year
Lloyds TSB Commercial Finance has extended its GBP34m back-to-back financing facility for an additional year. The agreement outlines that the contract has a new three-year minimum term, an effective increase of a year to the previous minimum; extending the facility through to 30 June 2014.
As announced at the Final Results for the year ended 30 June 2011, the headroom of this facility stands at GBP6.3m and is considered sufficient to support the Group's continued growth.
Asset Finance Subsidiary Receives GBP0.5m Facility increase from Siemens Financial Services Ltd. & New Facility of GBP0.5m from Hitachi Capital
Now in its second year, the asset finance subsidiary 'Ultimate Asset Finance' was set-up in July 2010 and provides commercial hire purchase facilities to small and medium-sized businesses to assist with the purchase of standard plant and machinery.
Ultimate Asset Finance has grown more quickly than expected, exceeding management expectations by reaching breakeven in the first three months of trading in the current financial year. Due to the increased pace of growth and low levels of bad debt, Siemens Financial Services Ltd. has increased its funding facility from GBP0.5m to GBP1m and Ultimate Asset Finance is pleased to have received a new facility of GBP0.5m from Hitachi Capital. These facilities, together with the original GBP0.5m facility from Singers Corporate Asset Finance Limited, increase the combined total external funding available to the subsidiary to GBP2.0m.
Richard Pepler, CEO of Ultimate Finance plc, commented "We are delighted to have extended our funding facilities with Lloyds TSB Commercial Finance and increased our funding facilities with Siemens Financial Services; both of these are existing providers, and their commitment to Ultimate Finance demonstrates their confidence in our continued growth prospects. Additionally, we are particularly pleased to have engaged in a relationship with Hitachi Capital, a new facility provider to the Ultimate Asset Finance subsidiary, which is exceeding management expectations so far this year."
For further information please contact:
Ultimate Finance Group plc Tel: +44 (0)845 251 3030 Richard Pepler, Chief Executive Shane Horsell, Finance Director Arbuthnot Securities Tel: +44 (0) 20 7012 2000 (Nominated Adviser and Joint Broker) Antonio Bossi / Paul Gillam WH Ireland Tel: +44 (0) 20 7220 1666 (Joint Broker) John Wakefield / Richard smith Threadneedle Communications Tel. +44 (0) 20 7653 9850 (Financial PR) John Coles / Fiona Conroy
About Ultimate Finance Group plc
Ultimate Finance group is a leading provider of financial solutions to SMEs across the UK. The Company is headquartered in Bristol with offices in Manchester, Tunbridge Wells, Birmingham and Cardiff and through its three subsidiaries, (ultimate invoice finance, Ashley Commercial Finance, and ultimate asset finance), provides support to SMEs by funding their growth. As bank lending to SMEs is increasingly restricted in the current climate, the benefits of ultimate finance's flexible and fast-moving solutions become even more compelling.
The Company acquired Ashley Commercial Finance, an invoice finance company, in October 2010, which significantly broadened the Company's target market. This, coupled with the increased facility of GBP34 million from Lloyds TSB Commercial Finance, provides a strong platform for growth.
The co-founders, Richard Pepler (CEO) and Jeremy Coombes (Group MD) have over 55 years of combined experience in the invoice finance sector. With a diverse offering of products and services now available to its clients, ultimate finance is well placed to capitalise on the increasing demand for finance for SMEs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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