AIM-listed SME lessor 1pm plc announced it
has secured a £1m increase on an existing block discounting
facility.
The capital represents a 50% increase on
the existing facility with an unnamed funder and will be
exclusively used to write new lease contracts.
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1pm’s lease portfolio rose to £10.6m as of
31 August 2011 while revenue was £567,000, and pre-tax profit was
£97,000, an increase of £85,000 on the same period the year
prior.
A spokesperson for 1pm said: “This deal is
key for 1pm plc as a lender of finance to SME’s and represents a
very strategic move.”
Maria Hampton, managing director of 1pm,
said: “We are delighted to have agreed such a significant increase
with one of our existing block discounters and the board is very
pleased with the increased support.
“As announced in the AGM trading update, we
have had an encouraging start to FY2012 and continue to self-fund
part of the portfolio growth. The increase in funding greatly
enhances the company’s capacity to meet the growing demand for new
business, especially as larger banks continue to restrict lending
to our customer base.”
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