ThinCats, the leading fintech lender, has successfully facilitated Southampton-based lettings agent, G&K Lettings to acquire six-figure key acquisition funding. This funding will enable G&K to acquire a new managed property portfolio, securing the company’s future growth ambitions within the market.
Located in the heart of Southampton city centre, G&K Lettings Ltd is part of Martin & Co, one of the UK’s best known and most well-regarded property agents, with nearly 200 offices from Aberdeen to Falmouth. Martin & Co works with some of the UK’s most popular property platforms, such as Rightmove and Zoopla, to help owners with a range of property needs, whether buying or selling, letting or renting.
Managing directors, Gavin and Carrie Naish founded G&K Lettings Ltd in spring 2007. With their combined experience and wealth of local knowledge, they have been able to grow their agency’s portfolio substantially over the last ten years. Yet, despite the company’s obvious successes, when Gavin and Carrie applied for acquisition funding at their local bank, they were refused a loan because they didn’t have the ‘bricks and mortar’ required for a loan.
So, their accountant introduced Gavin and Carrie to Andrew Tapsell a Business Development Director at ThinCats, the alternative finance provider, who, instead of refusing to lend, looked at the intricacies of their business model and its strong growth projections. This combined offering enabled Andrew to offer a flexible funding scheme for G&K Lettings within a few months, securing the building blocks for further portfolio expansion.
Gavin Naish, Managing Director of G&K Lettings said, “This is a very exciting time for our business as we are seeking to scale with the market on our side. By funding us, ThinCats offered what every business wants and appreciates from a lender; a proactive, pragmatic and responsive approach, allowing the management team to focus on the business, whilst they concentrate on getting the transaction over the line smoothly.”
Andrew Tapsell, Business Development Director for the South East said, “We are delighted to support the management team at G&K Lettings with funding. We were able to structure a credit backed offering in a timely fashion, enabling them to take the business forward precisely in the direction that they want to take it.”