The announcement comes after the lending group announced plans to raise up to £13m to fund the acquisition of Tracx Finance and follows the acquisition of asset finance provider and brokerage Bell Finance Limited in April.
Tracx Finance is the holding company and 100% shareholder of its trading subsidiary Gener8 Finance Limited, an invoice finance provider.
1pm hopes the acquisition will help its newly established commercial finance division.
As part of the acquisition, Edward Rimmer has been appointed to the board as managing director of the commercial finance division and CEO of Gener8 Finance.
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Edward has spent over 20 years in the commercial finance industry and recently acted as UK CEO of Bibby Financial Services Limited.
"The successful fundraising to finance both the acquisition of Tracx Finance and the possible second acquisition, together with the establishment of our new commercial finance division – under the leadership of Ed Rimmer, whom I am delighted to welcome to the board – together represent important milestones in the ongoing growth and development of the group,” said Ian Smith, chief executive of 1pm (pictured above).
“They demonstrate the implementation of a key element of the group's stated strategic plan which is to continue to expand our offering to UK SMEs by adding adjacent financial products and services which are complementary to our existing asset finance and business loans portfolios and which also create significant cross-selling opportunities."
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