Ultimate looks for further growth armed with £2.6m from share placings

December 28, 2012
By

Bristol-based asset-backed lending specialists Ultimate Finance has raised £2.6m through two successful share placings which it will use to continue to grow into a leading force in the market for small and medium-sized business finance.

The firm said it will use part of the money to further invest in its recently-introduced new business divisions including Ashley Business Cash, launched from its Manchester office in June to provide loans of up to £25,000 to retail businesses, and its trade finance division, as well as developing other specialised areas such as construction finance, which provides secured lending against the value of approved debts. 

Proceeds of the placings, which combined involved just over 14m shares, will also strengthen Ultimate’s balance sheet and further improve its gearing ratio to enable it to have more flexibility to finance continued growth.

Co-founder and chief executive officer Jeremy Coombes said: “We are delighted to be raising these funds which enable us to take advantage of institutional demand and to accelerate our growth strategy both to build on our existing businesses and to broaden our repertoire of financial solutions in a market where we are seeing growing demand for our services.”

Comments are closed.

ADVERTISE HERE

Reach tens of thousands of senior business people across Bristol for just £120 a month. Email info@bristol-business.net for more information.