1pm plc has announced that it has secured increased levels of financing with one of its primary funders, NatWest. The now £42m facility will further enable the Group’s invoice finance division to help more UK businesses looking to access finance to support their business growth. 1pm is keen to meet the growing demand from firms as they look to take advantage of the business landscape.
The Group’s invoice finance subsidiaries, Positive Cashflow Finance (Positive) and Gener8 Finance (Gener8), currently provide funding facilities ranging from £10k to £1m to SMEs looking to access additional working capital to fund acquisitions and accelerate business growth.
The extended facility from NatWest enables the invoice finance division to provide further valuable support to the UK SME market as well as the existing client base looking to push forward with their business plans.
Ed Rimmer, Chief Operating Officer at 1pm plc, commented: “Over the twelve months since 31 January 2019, 1pm’s invoice finance division has achieved steady growth in client numbers and funds advanced to clients having seen an increase of 9%.
“We now have sizeable funding facilities in place across all our divisions, which allow us to provide a wide range of cash flow solutions to the UK SME market. With demand for flexible finance solutions increasing, paired with our commitment to ensuring this funding reaches those businesses who need it to capitalise on the opportunities that lie ahead, we are now in an even stronger position to take advantage of market conditions.”
The figures reflect the continuing demand 1pm is experiencing across its comprehensive range of finance solutions comprising loans, vehicle finance, asset finance and invoice finance from UK SMEs and consumers.
1pm has developed a very successful “hybrid” business model enabling it to optimize business levels through market and economic cycles by providing finance directly from its own balance sheet or by “broking-on” certain types of business to other lenders on a commission basis. With a strong reputation for providing a flexible and fair approach to funding, 1pm plc is seen as a trusted partner for both introducers and clients alike.
James Roberts, Chief Financial Officer, commented: “I am delighted that the Group has further strengthened its long-standing relationship with NatWest which continues to thrive and expand in our invoice finance division.
“We have substantial funding facilities in place across all our lending divisions and I believe these facilities are reflective of the positive working relationships with our funding partners and our position within the marketplace. The provision of larger and more flexible facilities enables us to increase our ability to grow whilst maintaining margins and make available further funding for UK businesses.”