MartinCo secures Â£5m Santander facility
Bournemouth-based estate agent MartinCo has agreed a £5m loan facility with Santander, less than a year after it raised £4m by floating part of the business on AIM.
The £5m facility will be available for five years and will provide MartinCo with capital to expand the company.
"We are delighted to have secured the support of Santander and to have signed this credit facility," said chief financial officer David Raggett.
"This will enable us, with our strong balance sheet, to deliver the significant growth we have planned, including our target of 10,000 additional properties under management within two years of listing.
"The loan provides financial flexibility, which allows us to set our sights on bigger individual targets if attractive opportunities present themselves."
MartinCo listed on AIM in December 2013, raising £4m to fund acquisitive opportunities and organic growth.