Time Finance PLC has agreed to a recommended £55.13 million cash takeover by Bentley Park (UK) Limited, the parent company of specialist asset-based lender Ultimate Finance Group, in a deal that will combine two UK lenders focused on small and medium-sized businesses.
Under the terms announced Monday, Bentley Park will pay 59.1 pence in cash for each issued and to-be-issued ordinary share in Time Finance. The offer values the Bath-based company at about £55.1 million and represents a 12.6% premium to its closing price of 52.5 pence on August 14.
The offer also represents premiums of approximately 23.5% and 27.5% to Time Finance’s three-month and six-month volume-weighted average share prices, respectively. Time Finance shares rose about 8% to 9% in early trading following the announcement, reaching around 56.9 pence.
Building a Larger SME Lending Platform
Time Finance, founded in 1990 and listed on the London Stock Exchange’s AIM market, provides asset finance and invoice finance to UK SMEs. Asset finance accounts for the majority of its revenue.
The company reported record profits in June and said its lending book had surpassed £250 million. It employs about 153 people and is led by chief executive Edward J. Rimmer, with Tanya Raynes serving as independent non-executive chairman.
Bentley Park, based in Bristol, operates through Ultimate Finance, which provides asset-based lending to SMEs. The combined business is expected to have a net loan book of nearly £650 million as of June 30, 2026.
The transaction would create a significantly larger specialist lending platform at a time when alternative lenders continue to play a role in providing financing to smaller businesses that may have more limited access to traditional bank lending.
Shareholder Support Secured
Bentley Park has already obtained irrevocable undertakings from Time Finance directors and major shareholders, including Arena Investors, GPIM Limited and Ron Russell. Together, those commitments cover approximately 47.36% of Time Finance’s issued share capital.
The acquisition is expected to proceed through a court-sanctioned scheme of arrangement. It remains subject to approval by Time Finance shareholders, court sanction and regulatory clearances, including approval from the Financial Conduct Authority.
A scheme document is expected to be published within 28 days. Completion of the transaction is currently targeted for the fourth quarter of 2026.
The proposed acquisition follows a period of growth for Time Finance, which has expanded its lending operations while reporting record profitability. For Bentley Park and Ultimate Finance, the deal would broaden their exposure to SME lending and significantly increase the scale of their combined loan portfolio.
If completed, the transaction will take Time Finance off the AIM market and bring its operations under the ownership of Bentley Park.
