1pm boosts block discounting facilities12/04/2018
1pm plc has announced that it has recently negotiated increased Block Discounting Facilities totalling £62.0 million with six existing funding partners offering improved flexibility. £14.5 million of these facilities are increases to existing arrangements. When combined with the recently announced £35 million facility with the British Business Bank (“BBB”) this results in the Group having access in aggregate to £49.5 million of additional funding in the total of £97 million in 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.
1pm plc, the AIM listed independent specialist provider of finance facilities to the SME sector, will use this 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, said, “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.”