("1pm" or the "Company")
Increased funding drives growth
The board of 1pm, a provider of asset finance facilities to the small business
community, is pleased to announce that it has secured a further £1,100,000 from
two of its existing lenders to now provide an increased total funding facility
of £4.5 million, an increase of 30%.
This new funding capability in addition to the recent successful Placing which
raised £656,500, enables 1pm to secure increasing volumes of new business.
As highlighted at the time of the Company's preliminary results, announced on
30th June, 1pm continues to experience significant levels of new business as
small businesses continue to look for new ways of financing asset purchases in
the absence of debt facilities being provided by traditional lenders such as
high street banks.
Mike Johnson, Chairman stated:
"I am delighted that the Company is being recognised by both debt funders and
equity investors. The credit crunch means that smaller businesses are looking
for new ways of financing asset purchases thereby increasing demand for 1pm. Our
success has been achieved because of our definitive underwriting process
supported by a robust collection procedure. I look forward to reporting further
progress in due course."
Mike Johnson, Chairman 1pm 08707 397 397
Ian Callaway, SVS Securities 020 7638 5600
Nick Harriss, Blomfield 020 7489 4500
Shane Dolan, Biddicks 020 7448 1000