Postive Cashflow acquired in £9m deal
Manchester-based Positive Cashflow Finance – a factoring and invoice discounting provider – has been acquired by AIM-listed 1pm in a £9m deal.
Positive Cashflow provides invoice finance facilities between £10,000 and £1m to businesses across a broad range of industries and has more than 190 customers, employing 24 staff at offices in Manchester and Birmingham.
Its management team, led by David Smith, will continue to manage the day to day business within Bath-based 1pm Group following the acquisition.
1pm is an AIM listed independent specialist provider of finance facilities to the SME sector, based in Bath.
Smith said: “We are delighted to join the 1pm plc group. 1pm’s extensive product offering will greatly enhance our ability to continue to provide outstanding service to our existing and future clients as well as offering numerous opportunities to cross-sell our products and services within the enlarged 1pm Group.
Ed Rimmer, managing director of the commercial finance division at 1pm, said: “Positive Cashflow Finance is a well-known name and is well respected within the invoice finance industry, particularly in the North and Midlands, and the business has developed a strong reputation for providing a high level of flexible and personal service to its clients and introducers.”