Ultimate Finance boosts coffers

ULTIMATE Finance has raised £1m through a share placing.

The company said the placing will be used to strengthen its balance sheet and reduce its debt pile.

Ultimate Finance provides asset finance and invoice discounting for SMEs. In October 2010, it took over Cheadle-based Ashley Commercial Finance and merged its operations with its existing Manchester office. The Bristol-based company also has offices in Birmingham and Tunbridge Wells.

The shares were placed at 13.4p per share, which is a discount of just over 5% to last night’s closing price of 14.125p, and the company said that the placing was oversubscribed.

Jeremy Coombes, co-founder and chief executive officer, said: “We are delighted with the level of support received from both new and existing shareholders. The placing strengthens the balance sheet and supports our future growth strategy.”