RCS - Time Finance PLC - Delivery of First Asset-Based Lending Facility

Time FinanceAnnouncement

24/05/2023 09:15

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RNS Number : 4982A  Time Finance PLC  24 May 2023

24 May 2023

RNS REACH

 

Time Finance plc

("Time Finance", the "Group" or the "Company")

 

Delivery of First Asset Based Lending Facility

 

Time Finance plc (AIM: TIME), the independent specialist finance provider, is
pleased to announce that it has delivered its first Asset Based Lending (ABL)
facility to aid the expansion of a growing steel structural engineering firm
based in the Southeast of England.

 

The £1.1m facility has been tailored to release critical working capital,
providing headroom for the client company to take on a number of important new
contracts and comprises £650,000 in Invoice Financing and a £450,000
Property Loan component.

 

The Group's ABL product, which has been developed within the Invoice Finance
Division over the past 12 months, can now provide SMEs with the opportunity to
drive growth plans and support day-to-day business expenses, including
supplier and HMRC payments, stock and materials purchasing and employee wages.
By leveraging existing assets, including invoices, stock, and property,
businesses can overcome cash flow challenges and access essential working
capital.

 

Ed Rimmer, CEO of Time Finance, commented,

"Delivering our first ABL facility underlines how Time Finance works closely
with clients and introducers  to develop comprehensive and innovative funding
solutions to businesses of all sizes across the UK. Our stated aims to become
a nationally recognised SME funder, to double our Gross Lending Book and to
generate organic profits beyond pre-covid levels whilst significantly
strengthening the balance sheet by 2025, remain on track."

 

 

 For further information, please contact:

 Time Finance plc
 Ed Rimmer, Chief Executive Officer        01225 474230
 James Roberts, Chief Financial Officer    01225 474230

 Walbrook PR                               0207 933 8780
 Paul Vann / Joe Walker                    07768 807631
                                                             timefinance@walbrookpr.com
                                           (mailto:timefinance@walbrookpr.com)

 

 

About Time Finance:

Time Finance's core strategy is to focus on providing the finance UK SMEs
require to fund their businesses. It offers a multi-product range for SMEs
including asset, loan, invoice and vehicle finance. While primarily an
'own-book' lender the Group does operates a 'hybrid' lending and broking model
enabling it to optimize business levels through market and economic cycles.

 

More information is available on the Company website www.timefinance.com
(http://www.timefinance.com) .

 

 

This is an RNS Reach announcement and the information contained is not
considered to be material or to have a significant impact on management's
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