A Watford based property management company, providing services to the owners of residential blocks of flats, is growing with support from the East of England Regional Growth Loan Scheme (RGLS).
Integrity Property Management (IPM) was set up in 2005 by Matthew Young in response to his poor experience as both a leaseholder and a freeholder of property in the UK. As a result he set about creating a company that would manage the needs of the freeholder effectively, whilst seamlessly providing a high level of service to the leaseholder – something he had found to be lacking in his experience. IPM further sets itself apart from other property management firms by offering in-house legal services alongside its property management services. Leasehold property is an area loaded with technical complexities which, with careful and timeous use of legal services, can be easily navigated.
With some four million leasehold flats and more than 100,000 new builds being added each year, the UK property management market is large. However, block turnover is low, resulting in slow organic growth across the sector. IPM is therefore looking towards business acquisition to expedite growth and has taken its first step towards this with the purchase of a Windsor based property management company, Campsie Commercial.
Matthew Young, IPM Managing Director, explains: “Over the past decade we have built a robust property management business that represents and looks after the interests of freeholders, whilst at the same time providing a service to their leaseholders. We are proud of the model we have successfully introduced and are keen to expand. Buying Campsie, a 40 year old business with a strong reputation and being sold by its owners to divest a non-core operation, has seen us double in size. We are now in a position to introduce our legal services USP to the new customers we’ve gained, which will enable the business to expand further.”
The acquisition has been funded with a £200,000 RGLS loan. The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. Francis Kenealy, Finance East Fund Manager, comments: “We are pleased to support this successful company in its next growth phase. By offering services complementary to its core property management activities, IPM has created a niche that will help it scale at an accelerated rate and we look forward to working with them to achieve this.”
The RGLS is available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.
For more information about the Regional Growth Loan Scheme contact Francis Kenealy on 0782569435 or email firstname.lastname@example.org.