REG - Time Finance PLC - New Loan Accreditation & Financial Calendar Update

Time FinanceAnnouncement

06/05/2021 07:00

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RNS Number : 7540X  Time Finance PLC  06 May 2021

6 May 2021

 

 

Time Finance plc

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

 

Government-backed Recovery Loan Scheme Accreditation

and

2021 Financial Calendar Update

 

Time Finance plc, the AIM listed independent specialist finance provider, is
pleased to announce that it has been approved as an accredited lending partner
under the UK Government's Recovery Loan Scheme ("RLS") which is administered
by British Business Bank. RLS is the successor scheme to the Coronavirus
Business Interruption Scheme ("CBILS") of which the Group was also an
accredited lender.

 

The Company also announces a number of key dates in its 2021 Financial
Calendar.

 

RLS Accreditation

The British Business Bank has approved Time Broker Finance Ltd, a wholly-owned
subsidiary of the Company, for accreditation as a participating lender under
RLS.

 

Since the beginning of the COVID-19 crisis, Time Finance has resolved to
remain open for new business to support credit-worthy, robust SMEs as well as
helping its existing 20,000+ customers. The RLS accreditation provides an
additional channel for Time Finance to deliver support to SMEs, adding to the
Group's current lending activities comprising Asset Finance, Loan Finance and
Invoice Finance. RLS accreditation also provides the added benefit of a
government-backed guarantee covering 80% of the repayments due from each
borrower.

 

Time Broker Finance intends to be an active lender for the duration of the RLS
scheme which is currently scheduled to run until the end of 2021.

 

Financial Calendar Update

The Company intends to provide a trading update for the year ending 31 May
2021 on Wednesday 16 June 2021. It is the Board's current expectation that on
publication of this trading update it will be possible to reinstate market
guidance and to provide an update on its dividend policy.

 

The Group plans to announce audited annual results for the year ending 31 May
2021 on Tuesday 21 September 2021 and is proposing to hold its Annual General
Meeting on Thursday 21 October 2021.

 

James Roberts, Chief Financial Officer, commented:

"We are delighted to have been approved as an accredited partner to the UK
Government's latest business lending programme in response to COVID-19. CBILS
provided a lifeline to many viable UK businesses and I fully expect the RLS
will do the same. This new product line will sit neatly alongside our
multi-product offering to UK SMEs and will help us deliver further funding
into the UK economy".

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (as amended), which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

 

 For further information, please contact:

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

 Cenkos Securities plc (NOMAD)
 Max Hartley / Ben Jeynes (Nomad)            0207 397 8900

 Julian Morse (Sales)

 Walbrook PR                                 0207 933 8780
 Paul Vann / Nicholas Johnson                07768 807631
                                             paul.vann@walbrookpr.com (mailto:paul.vann@walbrookpr.com)

 

About Time Finance:

Time Finance's strategy is to focus on providing or arranging the finance UK
SMEs require to fund their businesses and arranging vehicle and
property-backed finance for consumers. The multi-product range for SMEs
includes asset, vehicle, loan and invoice finance facilities. The Group
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)

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