An ambitious Kent agency and management company has secured a £3.8m loan to underwrite a management buyout and an acquisition programme.
Miles and Barr, a Kent-based company with 12 offices in the east of the county, secured the loan through SMEs specialist lender ThinCats.
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.
In the coming years, Miles and Barr is looking to expand its property portfolio from 2,100 to 5,000 properties.
Brooks says: “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. As a trusted advisor, we’re keen to support more home buyers and landlords in the future.”
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so 2100 units=£1.8k per unit over 12 offices, can't be a lot of wiggle room.
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