IT services organisation Parity Group has entered into an agreement with PNC Financial Services UK to provide asset-based lending facilities for the next three years, at a level requested by the company’s board.

The move, with the UK arm of PNC Business Credit, delivers increased funding of up to £3m. PNC Business Credit is the asset-based lending division of US-headquartered PNC Bank, National Association, a member of the PNC Financial Services Group.

Chief executive of Parity, Paul Davies, says: “This is another important step in our stated strategy to return Parity to profitability and to improve shareholder value.”