Award-winning property maintenance business receives £2m facility from Cynergy Business Finance
MCP Property Services Ltd (MCP), an award-winning property maintenance business, has received a £2m asset-based lending facility from Cynergy Business Finance.
Founded in 1978, the Hertford-based business has delivered its specialised services to the social housing sector for over 45 years. MCP’s dedicated and skilled 150 strong team provides a range of services for responsive repairs and planned capital works – including roofing repair, aids & adaptations, electrical, planned works and fire risk assessment works.
MCP has serviced over 35,000 homes and experienced continually strong demand across 2022 with over 70,000 individual orders placed. The business works with local authorities, housing associations and registered landlords, including Network Homes, Sandwell Council and Barnet Homes.
With ambitious growth plans for 2023/24, including several new, large-scale contracts, MCP required additional funding that its previous funder was unable to provide. By working closely with its management team, Cynergy Business Finance provided a flexible asset-based lending facility to specifically cater to the unique nature of MCP’s work.
Mark Gelder, managing director at MCP Property Services Ltd, said: “After yet another strong year of growth, the business needed to create liquidity to allow us to achieve our growth plans for the next three to five years. Given the important work that we do, we were also seeking a partner who would understand the sector in which we operate.
“Danny and the team at Cynergy took the time to meet the MCP team and understand how the business operates. The facility will be crucial in providing us with the liquidity we require to continue growing our business and providing our exceptional service to our customers.”
Danny Monksfield, corporate sales director at Cynergy Business Finance, added: “MCP is a rapidly growing business and were seeking a more commercially structured facility above what their previous funder could provide. I am delighted we were able to support Mark and the team in providing this additional cash headroom to support the rollout of several large, new contracts. I’m excited to continue working alongside MCP as they expand further and provide a vital service to many local communities.”