Time Finance accepts GBP55 million takeover bid from Ultimate Finance

Time Finance PLC has agreed to a £55.1 million takeover offer from Ultimate Finance Group Ltd, the two lenders to small businesses in the UK announced on Monday.

Bentley Park (UK) Ltd, the parent of Bristol, England-based Ultimate Finance, will pay 59.1 pence per share in cash for Bath-based Time Finance.

The price is a 13% premium to Time Finance's 52.50p closing price on Friday. The AIM listing was up 8.4% to 56.93p on Monday morning in London.

Both companies provide asset and invoice finance to small and medium enterprises.

"Bentley Park's interest in the acquisition is driven by the opportunity to create a further scaled, multi-product UK SME lending platform combining two businesses with complementary capabilities and geographic footprints," according to the joint statement.

"Bentley Park believes that the combined Ultimate Finance and Time Finance business would be well-positioned as a significant independent alternative lender with a combined net loan book size of nearly £650 million."

Bentley Park's takeover offer has received the backing from Time Finance shareholders holding roughly 47% of the company's total shares.

Time Finance Chief Executive Officer Ed Rimmer explained: "The Time Finance board has spent a great deal of time considering the offer from Ultimate Finance. Over the course of our discussions with the Ultimate Finance team, it became clear very early on that they genuinely respect what the Time Finance teams have built and that we share a lot of mutual ambitions for the continued growth of the business going forward."

Time Finance was founded in 2000 and listed on AIM in 2006. It recorded £7.9 million in pretax profit on £37.1 million in revenue in financial 2025.

Ultimate Finance was formed in 2002 and is part of the Tavistock Group, a private investment firm. It is the sole investment of holding company Bentley Park.

Time Finance had a net loan book worth £218 million, split £141 million in asset finance and £77 million in invoice finance, as of this past June 30.

Ultimate Finance had a £429 million net loan book as of the same date, split £165 million each between asset and invoice finance and £99 million in bridging finance.

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