1pm Obtains Increased Funding Facility for Invoice Funding Division | South West Deals
1pm’s bill finance division has secured a £42m finance facility from NatWest which will allow it to support more UK businesses.
The group’s invoice finance subsidiaries, Positive Cashflow Finance and Gener8 Finance, currently provide finance facilities ranging from £10,000 to £1m to SMEs looking to access additional working capital to finance acquisitions and accelerate the growth of their business.
“In the 12 months since January 31, 2019, 1pm’s invoice finance division has seen steady growth in customer numbers and funds advanced to customers, having recorded a 9% increase,” said the director. General Ed Rimmer.
“We now have extensive funding facilities across all of our divisions, enabling us to provide a wide range of treasury solutions to the UK SME market.
“With the growing demand for flexible financing solutions, coupled with our commitment to ensuring that this financing reaches the businesses that need it to capitalize on future opportunities, we are now in an even stronger position to take advantage of market conditions. Marlet.”
James Roberts, Chief Financial Officer, added: “I am delighted that the group has further strengthened its long-standing relationship with NatWest, which continues to thrive and grow in our invoice finance division.
“We have significant financing facilities in place across all of our lending divisions and I believe these facilities reflect the positive working relationships with our financing partners and our market position.
“Providing larger and more flexible facilities allows us to increase our capacity to grow while maintaining our margins and making additional funding available to UK businesses.”
1pm is headquartered in Bath.