LetMC.com the Cardiff based specialist letting and estate agency software company has completed a MBO to demerge from Pinnacle Group after a £500,000 funding package from Barclays.
Established in 2004 as a division of Pinnacle, LetMC.com has grown rapidly, employing 22 staff and now provides software packages and ongoing support for over 1000 independent estate agents and letting agencies across the UK.
Glyn Trott, Managing Director at LetMC.com said,
“With the rise in “Prop tech” and online estate agent’s software development is playing a bigger and bigger role in the property sector. As the founder of LetMC.com the MBO seemed the natural evolution to ensure I could allocate further capital to the grow of the business. Initially I felt the only option would be to give away equity to raise capital which would dilute my shareholding and ultimate control, so when Barclays offered to provide debt finance I was delighted as this allowed me to take the business in my chosen direction while maintaining full control.
Jason Coleman, Barclays Business Manager, said,
Barclays research identifies the significant role “entrepreneurs” play in the local economy and is committed to supporting such propositions. By using our knowledge and experience within the local market, Barclays Business has been delighted to support the MBO and wishes the business every success for the future. This was a complex transaction but demonstrates the bank’s commitment to supporting ambitious growth propositions.”
Glyn Trott continues
“The MBO will allow us to invest and expand the business, developing new software and creating a marketplace for our growing customer base. One of our biggest challenges is finding quality software developers. We have been recruiting for over 6 weeks with only 3 applicants, none of which had appropriate qualifications. These are well paid, quality jobs and we have to find a way of retaining the talent coming out of our local universities.”
For further information visit www.letmc.com