1pm, the acquisitive Bath-based specialist lender, has completed its latest takeover following after successfully issuing more than 28.8m new shares.
The group has paid £5.25m to acquire Oxfordshire-based Tracx Finance, a leading invoice finance provider to SMEs operating under the Gener8 Finance brand. 
At the time of issuing the new shares, which are worth around £13m, 1pm said heads of terms had been reached on the possible acquisition of another company in the invoice finance sector.
1pm, which has grown rapidly through a string of strategic takeovers, said it would also set up a commercial finance division to offer invoice discounting and factoring – providing adjacent products to 1pm’s existing asset finance and business loan products and headed by Gener8 Finance chief executive of Edward Rimmer.
1pm chief executive Ian Smith said: “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.
“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.”
Shares in 1pm fell by more than 12p to their lowest level for more than three and a half years when the share issue was announced last month.
