1 pm plc
("1pm" or the "Company")
Extra GBP 500,000 lending facility secured to drive growth
Date: 02 June 2008
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 £500,000 from
one of its existing lenders. In the past three months, total banking facilities
available to 1pm have increased by £1,250,000.
This is another significant success for the Company as it enables the business
to scale up its lending capabilities, secure more clients and in turn drive
Mike Johnson, Chairman stated:
"I am delighted with this announcement as it is a further endorsement of the new
management team and its timely decision to exit the sub prime sector. Our
business has been totally restructured and is now focused on servicing quality,
small business clients via referrals from premium brokers.
Our funding partners are confident in our strategy and this is represented by
the largest single increase in our facility to date. Our business is performing
exceptionally well and I look forward to updating shareholders with further
progress in due course."
Mike Johnson, Chairman 1pm plc 08707 397 397
Ian Callaway, SVS Securities plc 020 7638 5600
Nick Harriss, Blomfield Corporate Finance 020 7489 4500
Shane Dolan, Biddicks 020 7448 1000