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1pm unit acquires book of receivables

AcademyLeasing Ltd., a wholly owned subsidiary of 1pm Plc, acquired a book of receivables for aconsideration of £1.6 million in cash.

Thebook comprises about 1,000 finance leases with small and medium-sized businesscustomers for vehicle fleet equipment, and has a gross receivable value of £2.0million, with an effective yield of 17%.

AcademyLeasing financed the purchase consideration entirely through headroom in itsblock funding facilities.

OnMay 5, 1pm said Academy Leasing is operationally familiar with the book'sunderlying customers, assets and lease agreements as it had provided a debtcollection service in respect of the book prior to the acquisition.