Time Finance (previously 1pm plc)
LGB Capital Markets establishes Time Finance (previously 1pm plc) (AIM: TIME), a specialist provider of finance facilities to the SME sector, has announced the acquisition of Intelligent Financing Limited, a loans and mortgage brokerage business.
In conjunction with the acquisition Time Finance mandated LGB Capital Markets to establish a £7.5m secured loan note programme. A first issue of £1.1m 7.00% 3 year monthly amortising notes has been completed. The company will conduct further issues to finance the development of its business. Commenting on the programme, Ian Smith, CEO, said "Time Finance has successfully utilised funding from high net worth lenders in the past. This programme creates a more structured funding mechanism that can also be utilised by family offices and institutional investors. We increasingly see opportunities to provide asset-backed loans to SMEs and this form of finance is expected to provide the flexibility and resources to capitalise on these opportunities."