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June 30, 2017

1pm acquires Positive Cashflow for up to £9m

By Saad Ahmed

SME finance provider 1pm has acquired factoring and invoice finance provider Positive Cashflow Finance and its subsidiary of the same name.

The consideration will be up to £9m (€10.25m) in cash and shares, composed of £4.3m in cash on completion, £2.2m in 5% loan notes redeemable by quarter, and up to £2.5m in new ordinary shares at 60p per share, subject to earnings targets.

Positive Cashflow provides invoice finance facilities worth between £10,000 and £1m.The acquisition of the Manchester-based invoice finance provider marks 1pm’s fourth acquisition of 2017, following those of Intelligent Financing in March, Bell Finance in April, and Trackx Finance last month.

Ian Smith, 1pm’s chief executive officer, said: “The acquisition of Positive Cashflow now completes the establishment of the group’s new Commercial Finance division and is a key step in the implementation of our strategy to provide a comprehensive range of business finance products to SMEs.”

Positive Cashflow’s managing director, David Smith, will remain in position following the acquisition. He said: “We are delighted to join the 1pm plc group. 1pm’s extensive product offering will greatly enhance our ability to continue to provide outstanding service to our existing and future clients.”

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