1pm, the Bath-based specialist asset finance lender, has secured a further £500,000 to help fund small and growing businesses.
The firm announced the increase in its lending facilities as it staged its AGM in Bath. The £500,000 has been borrowed on commercial terms from a private investor and will be used exclusively for the purpose of writing new leases, AIM-listed 1pm told shareholders.
It also said that, following record trading results for the year to the end of May, the new financial year had started positively
Trading in the first two months had been encouraging with new business contributing to an increase in its lease portfolio of more than 7% to £11.8m.
The company’s continued profitability on a monthly basis is also enabling it to re-invest surplus cash generated from day-to-day trading back into the business, it said in a statement ahead of the AGM.
Managing director Maria Hampton, pictured, said: “Notwithstanding the challenging economic environment prevailing in the UK, 1pm is continuing to grow. We believe we are very well placed to maximise the opportunities presented to us to expand the business in the current year and beyond.
“We expect to deliver further growth in the size of our lease portfolio, helped by our growing reputation both within the asset finance industry and amongst our UK-wide customer base. We look forward to the outcome for the current year with confidence.”
