Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
Hannah Baker

Time Finance reports 'resilient' performance as book lending grows

Bath-based alternative finance specialist Time Finance has reported a “strong and resilient” performance for the last financial year. The AIM-listed company said it had supported 10,000 UK business owners with more than £137m of funding - up 18% on the previous year - for the year ending May 31, 2022.

The firm reported a total revenue of £23.6m over the period and said expansion of its national business development team had led to growth in its book lending, with deal origination at £64.4m, an increase of 36% on 2021.

Over the last year, Time Finance has made a number of appointments to its senior management team including Sharon Bryden as director of commercial loans and ABL; Steve Nichols as director of asset finance; Louise Ikonomides as head of business improvements; and Helen Wheeler as head of invoice finance operations.

The business said new products, including its soft asset finance offering for brokers and their SMEs clients, had also contributed to a 28% growth in asset finance deal origination for the year. The company also doubled its secured loan offering from £250,000 to £500,000 to aid larger investments to support SME growth.

Ed Rimmer, chief executive of Time Finance, said: “We’re pleased to head into our new financial year with such positive momentum and our continued commitment to create confidence in the market and encourage economic growth.

“We have a clear objective to grow our lending book to £250m as part of a medium-term plan, combined with maximising our multi-product offering and focusing on our core proposition of asset finance, invoice finance and business loans.”

READ NEXT

Like this story? Why not sign up to get the latest South West business news straight to your inbox.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.