North West operations help drive record results for finance facilities group

Carol Roberts

Two North West subsidiaries of a finance facilities group focused on the SME sector have helped achieve record results for the year to May 31.

Bath-based 1pm Group announced today (October 23) that sales rose 6% from £30m last year to £31.8m, on the back of a 13% increase in new business originations to £161m.

The firm also delivered record profits before tax of £8m.

Positive Cashflow Finance, and Academy Leasing are both part of the 1pm Group.

Manchester-based Positive achieved robust profit growth and in June this year announced that it had achieved its three-year profit target set when the business was acquired by the 1pm Group in June 2017, a year earlier than expected.

This resulted in David Smith, the head of the business standing down and Phil Chesham succeeding him to lead the business’s growth strategy over the next phase.

As a result Positive has made a significant number of appointments in the year, including Andy Hume as head of sales, and has expanded its sales presence with Chris Rimmer, Ken Elms and Matt Carey coming on board as business development managers to bring the firm’s range of flexible funding solutions to SMEs in the North.

Positive also benefited from the group’s investment in restructuring and strengthening its senior management teams. In the financial year the group has made several high-profile appointments including Carol Roberts as head of asset, Lorraine Neyland as head of risk and David Jones as head of IT to support both the delivery of specialist products and bring greater benefits to all group companies.

Phil Chesham said: “We are pleased that the last financial year, under our parent company 1pm plc, has been a successful one for Positive.

“Our focus has remained on investing in our people who drive our innovation and lay the foundations for future growth and success. Our results are reflective of the broadened product portfolio we can offer under the 1pm Group, which allow us to take advantage of market opportunities as they arise and support the UK SME population with a multi-product solution.”

Warrington-based Academy Leasing also strengthened its team during the year with some high-profile appointments, most notably that of Carol Roberts as head of asset, who brings a wealth of experience and strength to the leadership team.

Carol will work alongside Mark Burgess as head of vehicles, as they look to achieve their ambitious growth strategies over the coming years.

Ms Roberts said: “We are delighted to announce the latest financial results, which are testament to the group’s dedication to evolve and deliver growth.

“We recognise the importance of providing access to finance to ensure long-term sustainable growth for the UK businesses.

“Working together, we can respond quickly to financial requirements, providing British businesses with bespoke funding solutions through our multi-product offering.”

Ed Rimmer, chief operating officer, said: “In what has remained uncertain prevailing business conditions, we are delighted to be reporting continued year-on-year growth.

“The results demonstrate the strength of our market position, our multi-product offering and our flexible approach to providing British businesses with the finance solutions necessary for growth.”

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