Business
Covid-19 Update
Covid-19 Update.
About this update from Time Finance Plc
[{"type":"text","content":"\n \n \n RNS Number : 7514H\n 1PM PLC\n 26 March 2020\n \n \n \n \n 26 March 2020\n \n \n \n 1pm plc \n \n \n (\"1pm\", the \"Group\" or the \"Company\")\n \n \n COVID-19 update\n \n \n \n \n \n Open for business and supporting UK SMEs\n \n \n \n \n \n Business impact being proactively managed\n \n \n \n \n \n 1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to UK SMEs, provides shareholders with the following update on \n measures taken by the Company in response to COVID-19 and on the \n current business impact of the pandemic.\n \n \n \n \n \n The principles by which the Group is operating in these unprecedented times are these:\n \n \n \n \n \n · \n a dedicated focus on the health and safety of the Group's employees and their families\n \n \n · \n an uninterrupted seamless service for customer and client transactions\n \n \n · \n unwavering support to viable businesses for which finance solutions have been provided\n \n \n · \n remaining open for new business to support credit-worthy, robust SMEs\n \n \n \n \n \n The Group is pleased to report \n that operations are being effectively and successfully carried out in respect of all four of these principles, with 190 employees all operating remotely, and with meaningful support being given to SME borrowers on a daily basis, providing a \"business as usual\" service, whilst \n strictly following guidelines and advice from Public Health England and the World Health Organisation. This is a credit to the entire workforce, whose wellbeing remains of critical importance to the Group.\n \n \n Current business impact\n \n \n As with most businesses operating in the non-bank, specialist lending sector, the immediate impact of adherence to the Government's advice is that multiple borrowers are requesting payment delays, holidays, or similar forbearance as they adjust to substantially no footfall or sales revenue in their own businesses. 1pm has always dealt with borrowers on a case-by-case basis and is adhering to this operational principle as the Group handles a large volume of in-bound requests for support. Payment holidays and the rescheduling of lease and loan agreements, as well as further advances within existing facilities to invoice finance clients, are being agreed on a case by case basis whe...