Finance firm boosted as it renews deal with RBS

Bath-headquartered Time Finance has announced it has renewed a financial assistance programme with the invoice division of RBS as part of the firm’s “ambitious” growth plans.

The Aim-listed finance provider has signed a three-year deal with RBS Invoice Finance (RBSIF) on a £50m back-to-back facility, which will be used exclusively to provide an increase in invoice finance facilities to business owners throughout the UK.

The business said that the increased funding would allow it to support more firms with invoice facilities “than ever before”, with facilities available of up to £2.5m.

The firm said that it had remained committed to enabling businesses to access funding solutions during what it described as a “very challenging” 18 months for business. It added that it had recently seen an increase in the level of funding requests, as firms continue to build their recovery from the impact of the pandemic.

Phil Chesham, Time Finance’s head of invoice finance, pictured, said the deal was a “significant boost” to the firm and reflected RBSIF’S confidence in its ability to provide funding support to firms across the UK.

Mr Chesham, left, said: “(The increased funding facility) not only supports our ambitious growth plans, but it also means that we’re able to make available additional funding to SMES looking to access funding and take their business to the next level. Our team work closely with our clients and have seen first-hand the difference the right funding solution can make to the success of a firm’s plans”.

RBSIF director Paul Morgan added: “We’ve supported the management team at Time Finance now since 2013 and are absolutely delighted to be extending our support and relationship with them for the next three years. As the economy continues to recover from the pandemic, having access to funding and liquidity to drive growth has never been more important and the renewal of the back-toback facility ensures Time Finance continue to have access to the funding required to continue supporting their existing and new customers to achieve their goals”.

In September Time Finance reported a “resilient” pandemic, after seeing its profits rise marginally, despite revenues taking a dip. The company said its revenue for the financial year ending May 2021 was £24.2m - down 17% from £29.2m in 2020. But profit before tax, exceptional items and sharebased payments (PBTE) was up 3% to £3.1m during the same period.