REG - Time Finance PLC - Extended & Improved £65m NatWest Funding Facility

Time FinanceAnnouncement

02/10/2024 07:00

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RNS Number : 5133G  Time Finance PLC  02 October 2024

02 October 2024

 

Time Finance plc

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

 

Extended and Improved £65m NatWest Funding Facility

 

Additional funding providing further headroom for future growth in the Invoice
Finance division

 

Time Finance plc, the AIM listed independent specialist finance provider, is
pleased to announce that it has renewed and increased its back-to-back invoice
finance funding facility with NatWest to £65m, with £55m fully committed and
an additional £10m Accordian element (the "Facility").

 

The Facility will be applied exclusively to lending to UK businesses and
provides the Group's invoice finance business, Time Invoice Finance ("TIF"),
with additional funding to meet continued demand from its growing number of
SME clients. Since the start of the Company's four-year strategic plan in June
2021 to the end of August 2024, TIF has achieved consistent growth with funds
advanced to clients during this period increasing by over 170% to £68m as the
business continues to experience robust demand.

 

Together with recently extended asset finance facilities, that were arranged
with other long-standing and supportive funding partners and previously
announced on 3 April 2024, the Group is extremely well positioned to continue
to fund its future growth plans with total funding facilities available to the
Group of over £225 million.

 

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 not just in our Invoice
Finance division but also across the wider Group. We have substantial funding
facilities with ample headroom in place across all of our lending divisions.
The provision of these larger and more flexible facilities will contribute
significantly to our growth strategy and provide additional funding solutions
for UK businesses - for whom a flexible and dependable funding partner can
make all the difference."

 For further information, please contact:

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

 Cavendish Capital Markets (NOMAD 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 appro-priate, 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) .

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