Natwest has signed a two year back-to-back funding facility with lessor 1pm for its invoice finance entities Positive Cashflow Finance and Gener8 Finance.

The new facility consolidates and replaces on similar terms the existing £37m facilities currently in place.  This new facility also includes an additional £5m of accordion funding to meet the companies’ growth aspirations for the near term.

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James Roberts, chief financial officer, said: “Having announced new and improved funding lines last year with regards to our asset division, we are now able to announce the putting in place of new and expanded funding facilities for our invoice finance division. Both at a group level and through our subsidiary Positive Cashflow Finance we have worked with and developed an excellent relationship with Natwest over recent years and I am very pleased that this will now extend across our entire invoice finance division.

“I believe these new facilities are reflective of our reputation within the industry as an ambitious and growing business and this enlarged and combined facility will enable us to provide further funding for UK SMEs and bolster our ability to grow our invoice finance activities.”

In October, 1pm Group agreed to issue £138,000 worth of shares as pay-out to executives within Positive Cashflow Finance, after the acquisition of the firm 16 months ago achieved the intended results. 1pm issued around 1.3m shares, valued at 10p each, as payout for Positive’s former and current directors.

1pm’s results for the six months ending November 2018 showed a 14% increase from the first half of 2017-18, up to £4.1m.

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New business origination increased 10%, to £82.3m. Group revenue increased 15% to £16m, and basic earnings per share improved by 12% to 3.62p. Net assets as of 30 November 2018 increased 6% to £51m, compared to a 31 May 2018 total of £47.9m. At period end, total bad debt provisions were £2.4m representing 2.0% of the total net portfolio.