North East estate and lettings agent My Property Box has secured a £300,000 investment as it eyes growth in other regions.
The Darlington-based firm, which recently acquired two neighbouring estate agencies and is also active in North Yorkshire, says it is considering expansion further south into Leeds and West Yorkshire and into Cumbria. The funding from North East Growth Capital Fund Loan Fund Supported by The European Regional Development Fund and delivered by NEL Fund Managers, may be used to act on any acquisition opportunities.
The firm will also use the injection to consolidate its present market position and invest in its services which include sales, lettings, management and investment advice. Having been founded 10 years ago My Property Box employs around 50 people and has a portfolio of 1,600 properties.
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Founder Ben Quaintrell said: "The business has evolved over the last decade, but we have always stayed true to the principles on which it was founded by utilising advanced digital technologies to deliver the best possible standards of customer service.
“We’ve been able to complete a significant number of acquisitions over the last few years that have come along at the right time in the right places for us, and it’s pleasing that many of them have come from rival businesses approaching us about taking on their operations. In the short term, we’re focusing on consolidation, but we’re very much open to making more acquisitions in the future, especially in areas like Leeds, West Yorkshire and Cumbria where we’re confident our business model would succeed.
"The NEL team was brilliant in explaining how their investment offering worked and was clearly very interested in our business ideas right through the process – we really can’t thank them enough."
My Property Box was introduced to NEL by David Paget of Atlas Trade Finance, while the financial due diligence on the investment was carried out by Atom Financial of Stockton-on-Tees.
Jane Siddle, senior investment executive at NEL Fund Managers, added: "Ben and his team have built a very successful business over the last decade and have the expertise, systems and resources in place it
required to keep progressing, both within and outside the North East.”
The North East Growth Capital Fund aims to create around 790 jobs across 70 firms and offers unsecured investments of up to £500,000 to established businesses. And the overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
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