Partnership with Canopy

RentGuarantor Holdings PLC

14 June 2023

 

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14 June 2023 

RentGuarantor Holdings PLC  

 (the "Company" or "RentGuarantor") 

Partnership with Canopy

RentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the UK private rental sector, announces that it has entered into an agreement with InsureStreet Limited ("Canopy") for the use of the RentGuarantor service.

Canopy provides access to tools, services, and products for renters, letting agents, and landlords, ensuring that all parties across the rental value chain can secure prosperous and robust tenancies. Canopy is a market leading referencing provider, completing 120,000 references per year whereby 12% of these references require a guarantor.

Under this initial three-year partnership, RentGuarantor will provide a company guarantor option to Canopy's tenants.

Paul Foy, CEO of RentGuarantor, commented: "We are delighted to announce this partnership with Canopy. Canopy's drive to provide access to services that benefit all areas of the rental value chain aligns closely with our own values, and we look forward to providing their tenants and landlords with the option of securing a guarantor.

"According to Arlington Research, 38% of tenants would choose to pay for a rent guarantee service rather than relying on family, and this latest partnership with Canopy demonstrates the growing demand for our product."

Chris Hutchinson, CEO of Canopy, commented: "We are always looking to expand and improve our offering to both tenants and landlords, and are excited to launch a partnership with RentGuarantor. This will enable us to provide even more tenants with access to property and more landlords certainty of rent payments at no cost, enhancing our already excellent offering to the private rental sector."

For more information, please visit: www.rentguarantor.com  

Ends

For further information please contact:

RentGuarantor Holdings PLC

Paul Foy, Chief Executive Officer                                                                                          

[phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Nick Michaels                                                                                                                            

[phone] 

Optiva Securities Limited (Broker)                                                                    

Vishal Balasingham                                                                                                                                                

[phone]

BlytheRay (Financial PR)

Tim Blythe, Megan Ray

[phone]

About RentGuarantor Holdings Plc

RentGuarantor provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector ("PRS"). The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor. RentGuarantor supplies its service to the whole of market - students, employed, and people on benefits including Universal Credit. Local authorities have a legal obligation under housing and other property related Acts of Parliament to provide tenants with a home and this is mostly achieved by paying for the tenant to reside in a PRS property. Local authorities use the guarantee service as they cannot become a guarantor. RentGuarantor's risk from rent guarantees is fully underwritten by Lloyds of London.

The Company's strategy is to strengthen its senior and middle management team and grow revenue in accordance with its business model. RentGuarantor sees the PRS continuing to grow with affordability to buy, coupled with lifestyle choices being the key drivers over the next 3-5 years.

RentGuarantor will rollout additional services that complement RentGuarantor's proposition, which will deliver additional revenue, and cement RentGuarantor as the leading rental guarantor company in the UK.

 

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