ThinCats fund management buyout at Kent property group
ThinCats, the leading alternative lender to mid-sized SMEs has provided a £3.8m loan to Miles and Barr, the Kent-based estate agency and property management company. Miles and Barr were introduced to ThinCats by Integritas Financial Solutions.
Formed more than 20 years ago, Miles and Barr have a presence across East Kent with 12 offices and a strong online presence. In addition to residential property sales, the business also provides property management, commercial sales and lettings and financial services including mortgage advice, general insurance and mortgage protection.
As part of the funding agreement, the deal will see four existing shareholders exit the business through a management buyout, with Mark Brooks becoming the new group managing director.
With the new funding and strengthened leadership, the business is aiming to build on a positive outlook for the residential market in the region and improve cross selling between business divisions. In the coming years, Miles and Barr is looking to expand its property portfolio from 2,100 to 5,000 properties.
Mark Brooks, managing director, Miles and Barr said: “The new management 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. ThinCats were excellent throughout this process. They took the time to understand the business and the results were fantastic.”
Martin White, director, Integritas Financial: “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 management buyout proposals is never an easy task. having made some direct approaches to lenders, Mark and the Miles and Barr MBO team placed their trust in Integritas to make this happen. Working with the team at ThinCats has been a very positive experience and they have been very responsive and flexible in shaping this 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.”
Andrew Tapsell, director of regional business development, ThinCats: “Miles and Barr are a well-run business with an excellent management team. We are delighted to work with Mark and his colleagues to help get the deal over the line and to allow them to focus on their clients and growing the business.”
