The award-winning Inventory Management service NoLettingGo has successfully completed its first funding round to expand the 39-franchise offering to strategic high density property locations around the UK. The funding was led by The FSE Group as a combination of equity from the South East Seed Fund and a syndicated group of business angels from the FSE Investor Network.
NoLettingGo plans to expand both the franchise operation and the number of directly employed staff with in-house inventory clerks, in order to ensure it has the capacity to deal with the high demand for its services. Its stated goal is to supply 20% of the outsourced UK condition reports market and use its network, brand and technology to expand into other complementary services to the lettings industry. Achieving this target would generate revenues for the company in excess of £70m p.a.
NoLettingGo was established in 2007 by CEO Nick Lyons in response to the Government’s Tenancy Deposit Legislation (TDL) which states that all deposits must be registered on receipt and evidence of damage must be provided if they wish to make deductions at the end of a tenancy. NoLettingGo provides an inventory and schedule of condition of rental properties, validated at check in by the tenant and supported by a check out at the end of a tenancy.
Nick Lyons, Co-founder and CEO, has successfully led, managed and founded sales organisations over his 20 year career. The company is recognised across the industry through awards such as the Supplier of the Year Landlord & Buy-to-Let Award in 2009 and as a finalist of the BFA Franchise Marketing Awards 2010. NoLettingGo is actively involved with the Association of Inventory Providers, a recognised supplier for the largest landlord association (NLA) and has excellent working relationships with the deposit protection schemes.
Nick Lyons comments, “With the growth of the lettings market and the demand for our services, we are very excited to be expanding our network around the UK and servicing more areas where the rental economy is high. NoLettingGo is proud to offer an efficient and cost effective service to the lettings industry and with this injection of investment from FSE and their business angels, we intend to grow ten-fold over the next four years.”
Julie Silvester, Head of Equity at FSE added, “NoLettingGo exhibit a well-established yet nimble business model and we believe they will see accelerated growth with this round of investment. Both the Seed Fund and our angel group were very impressed with the core management team and look forward to positive results as they expand and grow the business across the UK.”
NoLettingGo is an award-winning provider of outsourced services to letting agents, landlords, property management agents and others in the UK rental market. Core services include inventory, check-in and check-out reports, property visits (mid-term reports) property instructions and viewing services. In the future, NoLettingGo aims to provide additional white label brand services such as floor plans, viewings, maintenance services, insurance and Energy Performance Certificate (EPC), to visit NoLettingGo, www.nolettinggo.co.uk/