ThinCats provides £multi-million development capital funding through CBILS
MET Parking Services Ltd is the latest business that has been supported with a funding package by leading alternative lender to mid-sized UK SMEs, ThinCats, through the CBIL Scheme.
Established in 2005, MET is a car park services operator, providing a comprehensive range of tailored parking management and enforcement services to over 500 private land sites throughout the UK, using leading edge technology solutions.
David Marks, CEO of MET working alongside his corporate finance advisors Andrew Thomson and Ricky Collis of HMT LLP sought to raise development capital to deliver on a transformational pipeline of new sites, expanding on the traction built up by MET over recent years, and enable the business to progress acquisition targets.
Ricky Collis, senior manager at HMT recommended ThinCats to provide the funding package having successfully worked with the ThinCats team on a previous deal. He said: “Having grown organically under David’s leadership for a number of years, MET have reached an inflexion point where the demand for their services is so strong that additional working capital is required to accelerate to new heights. A funding line with a lender such as Thincats who will be supportive as traction continue to build will provide the gasoline for a transformational roll-out of sites and the ammunition for acquisitions.”
Dave Sherrington, head of regional sales, ThinCats: “We are delighted to have been able to work alongside HMT again to support David and his team with this CBILS funding. There are plenty of businesses out there who are still looking to develop and grow their offering, and ThinCats is in the perfect position to support them through the CBIL Scheme.”
David Marks, CEO, MET: “It was great working with ThinCats and HMT, they both took the time to get to know our business, the team behind it, and the plans that we have for growth and development over the coming years. It is an exciting time for MET and we are looking forward to utilising the funding to continue to deliver on our roadmap for growth and partnering with our client base on a greater scale.”
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