3 April 2024
Time
Finance plc
("Time
Finance", the "Group" or the "Company")
Extended
And Improved £64m Funding Facility Agreed With The British Business
Bank
Funding
line to be deployed across both Hard Asset and Vendor
Finance
Time Finance plc, the AIM listed
independent specialist finance provider, is pleased to announce
that it has agreed an extension to its existing asset finance
facility with the British Business Bank under its ENABLE funding
programme with an increase in the facility and on more flexible
terms. The current £35m Hard Asset facility will be increased to
£64m and will also be available to fund the Group's Vendor Finance
offering. This facility, along with further recently renewed and
enhanced facilities with some of the Group's other long-standing
and supportive funding partners, will provide over £40m of new
funding capacity, increasing the total funding facilities available
to the Group to over £200 million.
The Group continues to experience
strong demand for asset finance particularly in the 'hard assets'
sub-division of its Asset division, and the deployment of this
Facility will enable the Group to continue to meet this increasing
demand for business-critical equipment used by SME businesses while
resolutely maintaining its strict underwriting
criteria.
James Roberts, Chief Financial
Officer, commented:
"Over the past five years we have
developed a strong working relationship with the British Business Bank and I am delighted this will now
be able to continue for the foreseeable future. The enhanced
facility will enable Time Finance to provide additional funding to
UK SMEs for their business-critical equipment in one of our more
secured and key strategic growth areas. With the British Business
Bank facility being a cornerstone of the Group's funding mix we
hope to help many more UK businesses and thereby further improve
our shareholder returns"
For further information, please
contact:
Time Finance
plc 01225
474230
Ed Rimmer, Chief Executive Officer
James Roberts, Chief Financial
Officer
Cavendish Capital Markets (Nominated
Advisor and
Broker)
0207 220 0500
Ben Jeynes / Dan Hodkinson
(Corporate Finance)
Michael Johnson / George Budd /
Charlie Combe (Sales and ECM)
Walbrook PR
0207 933 8780
Nick Rome/Joe
Walker
timefinance@walbrookpr.com
About Time
Finance:
Time Finance's purpose is to Help UK
Businesses Thrive and Survive through the provision of flexible
funding facilities. It offers a multi-product range for SMEs
concentrating on Asset, Loan and Invoice Finance. While focussed on
being an 'own-book' lender, the Group does retain the ability to
broke-on deals where appropriate, enabling it to optimize business
levels through market and economic cycles.
More information is available on the
Company website www.timefinance.com.
