Additional ?4 million Block Discounting Facilities

RNS Number : 7742I

1PM PLC

04 June 2014

 



4 June 2014

1PM PLC

(AIM: OPM)

Additional Block Discounting Facilities totalling £4m

1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of finance facilities to the SME sector, is pleased to announce that it has negotiated additional Block Discounting Facilities totalling £4,000,000 comprising a new £3,000,000 facility and an increase of £1,000,000 to an existing facility.  This additional funding will be used exclusively for the purpose of writing new business.  

The loan terms are consistent with those of other funders to the Company.

Maria Hampton, CEO, commented:

"This additional funding will help us to meet the continuing demand for finance from the SME sector and underpins our plans for growth. The total amount of new funding raised since 31^st May 2013 now stands at £11.3m."

Ian Smith, Chairman, commented:

"We are delighted to be announcing significant new and increased funding facilities soon after a similar announcement in April this year. This is evidence of continuing high demand, a strong trading performance and the growing reputation of the Company within the market place for underwriting high quality business."

For further information, please contact:
1pm plc
Ian Smith, Chairman	0844 967 0944
Maria Hampton, CEO	0844 967 0944
WH Ireland (NOMAD)
Mike Coe / Ed Allsopp	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807631
	[e-mail]

About 1pm:

At the second Annual Small Cap Awards held in May 2014, the Company won two awards including the most prestigious category, "Company of the Year". Chief Executive, Maria Hampton and Finance Director, Helen Walker were also jointly awarded Small Cap Executive Director of the Year.

The Company was admitted to AIM in August 2006.

1pm plc is an established independent finance company focused on providing SMEs with accessible funding to add value to their businesses.  All customers must have good credit histories and proven ability to repay their finance commitments.

1pm currently provides assets finance from £1,000 to £50,000 for a period of between 12 and 60 months and £1,000 to £25,000 for business loans (repaid over 3-36 months).

Mission Statement - 'Helping the UK economy grow by supporting SMEs'

More information is available on the Company website www.1pm.co.uk

 

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