Integritas are delighted to announce the completion of another successful transaction, this time a significant share buyout, funded by a £3.8m loan provided to Miles & Barr, the well-known Kent-based estate agency and property management company.
Formed more than 20 years ago, Miles & Barr have 12 offices across East Kent with a strong online presence. In addition to residential property sales, the business also provides property management and financial services including mortgage advice, general insurance and mortgage protection.
As part of the funding agreement, the deal will see five existing shareholders exit the business through a share buyout, with Mark Brooks becoming the new Group Managing Director.
With the new funding and strengthened leadership, the business is well placed to capitalise on a positive outlook for the residential market in the region. In the coming years, Miles & Barr is looking to expand its property management portfolio from 2,100 to 5,000 properties.
Mark Brooks, Group Managing Director, Miles & Barr said: “The share buyout is an important step for the business. We have an excellent reputation across the region and a significant footprint online too. The mortgage and rental market are constantly evolving, thanks to ongoing schemes such as Help to Buy as well as the outlawing of tenancy fees. As a trusted advisor, we’re keen to support more home buyers and landlords in the future. Integritas have provided excellent support throughout this process. They took the time to understand the business and achieve the funding we required by approaching the whole market. Their support throughout the deal has been exceptional.
Martin White, Director, Integritas Financial said: “We are delighted to have been involved in supporting this progressive household name in the property sale and letting market, to achieve its funding objectives. Obtaining Funding for complex share buyout proposals is never an easy task. Having made some unsuccessful direct approaches to lenders, Mark and the Miles & Barr buyout team placed their trust in Integritas to make this happen. The key to making this deal work was to find a lender who understood the dynamics of the sector and would be responsive and flexible in shaping a deal to enable it to happen. This is an exciting time for Mark and the team and we wish them every success for the future.”
Integritas are a leading, Kent based, Finance broker, specialising in acquisition and MBO funding for SME businesses. For more information please contact either Paul or Martin.