Climate Change Data

Time Finance PLC

Climate Impact & Sustainability Data (2021, 2022)

Reporting Period: 2021

Environmental Metrics

ESG Focus Areas

  • Environmental, Social, and Governance (ESG)

Social Achievements

  • Women represent 55% of the Group’s senior management team. Women make up 56% of the total workforce.
  • Group-wide rebrand to Time Finance completed, bringing the Group under a single, national brand

Governance Achievements

  • Board restructured and strengthened with the appointment of Ed Rimmer as CEO and Tanya Raynes as Non-Executive Director
  • The Board has four sub-committees, namely Audit, Remuneration, Nominations and Governance and Risk, with membership comprising only of non-executive Directors.

Climate Goals & Targets

Medium-term Goals:
  • More than double the Group’s gross lending book organically from its current level to approximately £250m
  • Through organic-led growth, achieve revenue and PBTE levels in excess of the 2019 pre-Covid levels of over £30m and £8m respectively

Environmental Challenges

  • The Covid-19 pandemic severely impacted business volumes.
  • Lack of demand brought about by various government funding and support schemes.
  • Market conditions remain challenging as the overhang of government funding initiatives is still apparent.
Mitigation Strategies
  • Focusing on a strengthened balance sheet with improved liquidity.
  • Restructuring of the Board.
  • Rebranding the Group.
  • Focusing on core products: Asset, Invoice and Loan finance
  • Focusing on own-book lending
  • Predominantly focusing on a secured lending proposition with an increasing average deal size
  • Investing in key sales resources
  • Repositioning the brand and investing in marketing
  • Potentially add further liquidity into the Business

Supply Chain Management

Climate-Related Risks & Opportunities

Awards & Recognition

  • ‘1000 Companies to Inspire Britain’
  • ‘Employer of The Year’ in the Business Leader Awards
  • nominated in the SME Funding Awards

Reporting Period: 2022

Environmental Metrics

ESG Focus Areas

  • Good working environment for colleagues
  • Carbon footprint impact
  • Investment in systems and training

Environmental Achievements

  • Adopted hybrid working arrangement to minimize commute and environmental impact
  • Partnered with a company to plant trees for each employee and new starter
  • Provided customers with electronic communication options to reduce paper usage

Social Achievements

  • Established a Group Charity Committee for fundraising activities
  • Women represent 50% of the Group’s leadership team and 56% of the total workforce

Governance Achievements

  • Board has four sub-committees: Audit, Remuneration, Nominations, and Governance & Risk
  • Regular training on director obligations
  • Focus on increasing diversity

Climate Goals & Targets

Medium-term Goals:
  • Double the Group’s gross lending book organically to approximately £250m
  • Achieve revenue and PBTE levels in excess of 2019 pre-COVID levels

Environmental Challenges

  • Lingering effects of the COVID-19 pandemic
  • Macroeconomic headwinds (cost of living crisis, inflation, war in Ukraine, energy shortages, UK political turmoil)
  • Need to reassess the cost base of the business
Mitigation Strategies
  • Right-scaling the operation
  • Redundancy program (15% headcount reduction)
  • Focus on core own-book lending products

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN SDGs

Awards & Recognition

  • Number 1 in the Business Money Intermediary Index