Time Finance renews, expands NatWest funding facility
Time Finance
59.25p
14:58 02/10/24
Time Finance announced the renewal and expansion of its invoice finance funding facility with NatWest on Wednesday, to £65m.
Financial Services
16,118.11
15:00 02/10/24
FTSE AIM All-Share
733.69
14:55 02/10/24
The AIM-traded firm said the updated facility included £55m fully committed, and an additional £10m available through an accordion option.
It said the facility would be used exclusively to support the company’s growing invoice finance division, Time Invoice Finance (TIF), providing further funding to meet the increasing demand from its UK SME clients.
Since the launch of the company’s four-year strategic plan in June 2021, Time Finance said TIF had achieved significant growth, with funds advanced to clients rising by over 170% to £68m by the end of August this year.
The expanded facility with NatWest would help the company continue to support this robust demand.
Combined with extended asset finance facilities arranged earlier in 2024, Time Finance said it now has access to over £225m in total funding facilities, positioning the group strongly for its future growth plans.
“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,” said chief financial officer James Roberts.
“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.”
At 1253 BST, shares in Time Finance were up 1% at 60.6p.
Reporting by Josh White for Sharecast.com.