Alternative lender Time Finance announces record lending book

By Sam Pither

4 January 2023

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Time Finance, the AIM-listed alternative lender with an office in Reading, has announced a record high lending book of £152.7 million as it continues to grow its revenues and profits.

In the first half of its financial year, which ended in November 2022, the firm saw its revenues increase by 12 per cent, to £13.2 million, with profit before tax, at £2 million, up 67 per cent.

Time Finance provides various financial services to business owners in the UK, including Asset Finance, Invoice Finance, Business Loan, and Vehicle Finance and recently introduced an Asset Based Lending option. Time Finance works with financial intermediaries to deliver these solutions and currently supports around 10,000 business owners in the UK.

Chief Executive Officer, Ed Rimmer comments: “It’s great to see the performance of the first half of our financial year marking a further record high for Time Finance. Our renewed strategy to dedicate a real drive toward boosting our lending to UK businesses is further demonstrated by these figures, the strength of our lending model and our business strategy.

“The growing demand for finance we continue to experience certainly plays a part in contributing to this positive trading momentum, but it’s the investments we have made to both our teams and operations over the last year that have enabled us to take the business from strength to strength.

“The next 6 months will see Time Finance continue to look for innovative ways to inspire confidence and growth in the SME market and increase our support to UK businesses.”

Further unaudited interim results are expected this month (January).

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.