ThinCats champions six-figure funding for leading lettings agency Centre Locations

13-Aug-2019

ThinCats, the leading fintech lender, has successfully facilitated growth funding for Centre Locations, a fast-growing residential lettings agency based in Kensington, London. This funding will enable Centre Locations to reduce debt costs as well a provide additional capital for acquisition.

Originally founded in 2008 by the merging of two letting businesses, (Home Made Ltd and Company Ltd), Guy Watson and Charlie Champion created ‘Champions’. The aim of the merger was to pool resources, enabling the combined business to open a shop-front in a prime London location. Ever since, Guy and Charlie have grown the company organically, capitalising on market opportunities until they acquired Central Locations.

Following the success of the Central Locations acquisition, in recent years the company has actively pursued a “Buy and Build” strategy offering independent agents not only an exit route from their business at a competitive valuation but also guaranteeing a continuation of quality, personal service to their landlords.

When Champions (also known as Centre Locations Ltd) was looking to build upon its successful growth strategy, the management knew that that they needed a lender who would support their cash-flow based growth plan. Yet, despite the company’s success, when Guy and Charlie applied for acquisition funding at their local bank, they were refused a loan because it was ‘too complex’.

Determined to find the right finance provider, Guy and Charlie were introduced to Stuart Thompson at ThinCats via their accountants Multiply Accountancy. As a regional business development director, Stuart understood that Guy and Charlie wanted to grow their business and how it could be achieved with the right funding. After familiarising himself with the business, Stuart provided a credit-backed plan within four weeks.

Charlie Champion, founder of Champions Ltd, said: “We started as a small business with big ambitions, growing organically and battling for our place within a competitive market. When we went out for financing, we needed a solution that would suit our business to its core. ThinCats offered what every business needs from their lender; a proactive, pragmatic and responsive approach, which allows us to focus on our business goals.”

Stuart Thompson said: “When Chris at Multiply reached out to us, I saw an opportunity to help an ambitious London-based SME. A well-considered and communicated strategy, supported by detailed financial information meant we were able to structure a credit backed offering in a timely fashion, enabling them to move the business forward, exactly in the direction that they wanted to.”