Five year loan facility with Santander UK Plc

RNS Number : 4143V

MartinCo PLC

28 October 2014

 



MartinCo Plc

("MartinCo" or the "Group")

Five year Loan Facility with Santander UK Plc

MartinCo Plc (AIM:MCO), one of the UK's largest property franchise businesses, today announces that it has entered into a five year Secured Term Loan Facility with Santander UK Plc.

MartinCo listed on AIM in December 2013 and raised £4m to fund an acquisitive strategy to supplement organic growth of its lettings business. This new facility will provide the Group with additional flexibility to grow its business.

Highlights

·      £5m term loan facility available for 5 years

·      Multiple advances can be drawn down over a maximum of 5 years from commencement, and all repayments and prepayments during the period may be reborrowed.

David Raggett, Chief Financial Officer said; 

"We are delighted to have secured the support of Santander and to have signed this credit facility. 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."  

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For further information, please contact:

MartinCo Plc                                     Ian Wilson, Chief Executive Officer David Raggett, Chief Financial Officer	01202 292829
Bell Pottinger                                   Joanna Boon, Nicholas Hyett	0203 772 2500

About MartinCo 

MartinCo Group is the UK's largest property franchise business with a network of almost 200 offices operating under its leading brand, Martin & Co. The Company has a strong focus on lettings and currently manages over 30,000 properties on behalf of private clients. In March 2012, Martin & Co introduced an estate agency service to complement its lettings business. Today over 140 of its franchise owners are licensed to offer this service. 

Martin & Co is a multiple award winning business and the Directors and senior management have over 100 years of combined residential letting and estate agency experience.

www.martinco.com 

 

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