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TIME FINANCE PLC
Capital/Financing Update • Oct 2, 2024
7971_rns_2024-10-02_5a7f6c41-3789-46dc-b543-7ec7d289bba6.html
Capital/Financing Update
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National Storage Mechanism | Additional information 
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 |
| C avendish Capital Markets (NOMAD and Broker) | 0207 2 20 0500 |
| Ben Jeynes / D an Hodkinson (Corporate Finance) Michael Johnson / George Budd / Charlie Combe (Sales and ECM ) |
|
| Walbrook PR | 0207 933 8780 |
| N ick Rome / Joe Walker | [email protected] |
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 .
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