Surveying business to acquire Leicester rival
SML Group, a holding company for a group of companies that operate in the land, building and surveying sector, has secured a seven-figure loan to accelerate its growth plans – which include creating a number of new jobs and the acquisition of a Leicester rival.
The Thurmaston-based company has been handed the cash by independent asset manager BOOST&Co.
SML says it will use the loan to acquire My Home Needs, which specialises in subsistence monitoring, and to help refinance existing debt.
In addition, the company intends to use part of the funding as growth capital, which will be put towards recruiting additional staff as well as surveying and valuations training for its existing workforce.
BOOST&Co provides growth capital for fast-growing UK SMEs. The independent asset manager offers loans ranging from £2m to £10m, covering a wide range of sectors.
The precise value of its loan to SML Group is undisclosed.
Matt Vincent, principal at BOOST&Co, said: “BOOST&Co is excited to be working with Tom [Harpin, managing director at SML Group] 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 said: “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.”
