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1pm acquires book of receivables for GBP1.6m

05 May 2016 10:28

1pm subsidiary Academy Leasing Ltd has acquired a book of receivables for a consideration of GBP1.6m, satisfied in cash on completion.

HIGHLIGHTS:

· The book of receivables comprises circa 1,000 finance leases with SME customers for vehicle fleet equipment.

· The gross receivable value of the book is £2.03m with an effective yield of 17%.

· Prior to the acquisition, Academy provided a debt collection service in respect of the book and is therefore operationally familiar with the underlying customers, assets and lease agreements.

· Acquiring the book provides Academy and 1pm's recently-acquired fellow-subsidiary, Bradgate Business Finance Limited, with the opportunity to cross-sell contract hire, lease and hire purchase of fleet and commercial vehicles into this new customer base.

· The purchase consideration was financed entirely through headroom in Academy's block funding facilities.

At 10:28am: (LON:OPM) 1pm PLC share price was +0.5p at 68.5p

Story provided by StockMarketWire.com

Related Company: OPM

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