Time
Finance plc
("Time
Finance", the "Group" or the "Company")
Government Backed Growth Guarantee Scheme
Accreditation
Financial
Calendar Update
Time Finance plc, the AIM listed
independent specialist finance provider, is pleased to announce
that it has been approved as an accredited lending partner under
the UK Government's Growth Guarantee Scheme ("GGS") which is
administered by the British Business Bank and was launched on 1
July 2024. GGS is the successor scheme to the Recovery Loan Scheme
("RLS") and Coronavirus Business Interruption Scheme ("CBILS") of
which the Group was also an accredited lender.
The Company additionally announces
some key dates in its 2024 Financial Calendar.
Growth Guarantee Scheme
Accreditation
The British Business Bank has
approved Time Vendor Finance Ltd and Time Hard Asset Finance
Limited, wholly-owned subsidiaries of the Company, for
accreditation as participating lenders under the scheme.
The GGS accreditation provides an
additional channel for the Group to deliver support to the UK's
smaller businesses, adding to the Group's current lending
activities alongside Asset Finance, Loan Finance and Invoice
Finance. The scheme accreditation provides the added benefit of a
government-backed guarantee to loans provided by the Group, the
scheme covers 70% of any outstanding balance, post a recovery
process.
The Group intends to be an active
lender for the duration of the Growth Guarantee Scheme.
Financial Calendar
Update
The Group plans to announce audited
annual results for the year ending 31 May 2024 and, simultaneously,
its Q1 FY2425 trading update on Wednesday 25 September 2024. The
Company proposes to hold its Annual General Meeting on Tuesday 5
November 2024.
Ed Rimmer, Chief Executive Officer,
commented:
"Time Finance has built a strong
relationship with the British Business Bank over a number of years
working together and I am very pleased we have been approved as an
accredited lender under the GGS. This arrangement allows us to
further employ the flexibility, speed of service and personal
approach that differentiates our offering. As we continue to work
towards becoming the specialist funder of choice for UK SMEs, it is
relationships like the one we have with the BBB, that will enable
us to achieve this ambition. I look forward to updating everyone on
our progress with regards to this new scheme and our other
achievements in more detail following our results publication in
September."
For further information, please
contact:
Time Finance
plc
01225 474230
Ed Rimmer, Chief Executive
Officer
James Roberts, Chief Financial
Officer
Cavendish Capital Markets (Nominated
Adviser and
Broker)
0207 220 0500
Ben Jeynes / Dan Hodkinson
(Corporate Finance)
Michael Johnson / George Budd /
Charlie Combe (Sales and ECM)
Walbrook PR
0207 933 8780
Nick Rome / Joe
Walker
timefinance@walbrookpr.com
About Time
Finance:
Time Finance's purpose is to help UK
businesses thrive and survive through the provision of flexible
funding facilities. It offers a multi-product range for SMEs
concentrating on Asset, Loan and Invoice Finance. While focussed on
being an 'own-book' lender, the Group does retain the ability to
broke-on deals where appropriate, enabling it to optimize business
levels through market and economic cycles.
More information is available on the
Company website www.timefinance.com.
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as amended by regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. Upon the publication of
this announcement via Regulatory Information Service, this inside
information is now considered to be in the public
domain.