Agent's £5m loan allows for expansion, acquisition

Lettings franchise giant Martin & Co has entered into a five-year £5m loan facility, less than a year after being listed on AIM and raising £4m in the process.

The Bournemouth-based agency negotiated the deal with Santander in a bid to achieve its target of securing 10,000 additional properties to manage within two years of floating, with the prospect of additional expansion or acquisitions if attractive opportunities present themselves.

The deal means the company can make multiple loan advances drawn down over the next five years with all repayments and prepayments during the period being able to be reborrowed.

"We are delighted to have secured the support of Santander and to have signed this credit facility" says MartinCo's financial officer David Raggett.

"This will enable us, with our strong balance sheet, to deliver the significant growth we have planned, including our target of 10,000 additional properties under management within two years of listing. The loan provides financial flexibility, which allows us to set our sights on bigger individual targets if attractive opportunities present themselves" he says.