Leicester-based surveying holding company SML Group, has secured a significant loan from independent asset manager BOOST&Co, to facilitate major expansion plans.
The funds will initially be used for the acquisition of My Home Needs Limited, a surveying business in the property industry. In addition to the acquisition, the funding will also assist in refinancing existing debt, as well as providing significant growth capital for business expansion.
As part of this growth, the investment will also create opportunities to recruit additional surveying staff across the business, as well as training existing staff in surveying and valuations work.
The SML Group is a specialist surveying company, providing services to the insurance, financial services, real estate, rail and property development sectors. Its foundations were firmly established through a dedicated subsidence monitoring business, but it has since become a holding company for multiple firms dedicated to the land, building and valuations surveying sector.
BOOST&Co chose to work with SML Group due to its management team and its broad spectrum of services across a range of business sectors and its ambitious future growth plans.
BOOST&Co is a provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans ranging from £2m to £10m, covering a wide range of sectors. It has funded more than £500m across more than 130 deals to date and provided close to £200m under the government’s CBILS initiative to support SMEs during COVID-19.
Matt Vincent, principal at BOOST&Co, says: “BOOST&Co is excited to be working with Tom and the SML team as they embark on the latest stage of their impressive growth journey.
“The progress SML has made in its expansion has been great to see, and the My Home Needs acquisition represents a significant milestone in the evolution of the business. We look forward to working with SML as its expansion plan continues.”
Tom Harpin, Managing Director at SML Group, says: “We are delighted to have had the support from BOOST&Co to complete the acquisition of My Home Needs, which is complementary to the wider service offering at SML Group.
“The funding has not only facilitated the transaction, but also supports our growth and enables us to invest capital into recruitment, existing staff and the expansion of SML. We are looking forward to continuing to work with Matt and the team as we embark on this next phase of our growth strategy.”
