Contractor secures seven-figure funding deal to support acquisition plans

A Leicester-based business specialising in subsidence monitoring has secured a seven-figure debt funding package from Frontier Development Capital (FDC) to support its acquisition plans.

SML Group, with headquarters in Leicester and offices in Edinburgh, Peterborough, Norfolk, Swansea, and Arundel, Sussex, has acquired and integrated six businesses over the past decade.

Employing 160 staff, the group operates under various brands, providing subsidence monitoring for loss adjusters and insurers, as well as geo-spatial surveys and geo-technical services to the construction industry.

With a turnover doubled to £12m in the last 18 months, SML Group aims for continued growth through both organic means and acquisitions over the next five years.

CEO Thomas Harpin, said: “SML Group aims to bring innovation into the traditional world of surveying by providing a single point of contact for multiple services and adopting the latest technologies to give our clients added value. We have a strong track record for integrating and successfully growing the businesses we acquire. Surveying is a very fragmented market with lots of small firms so we see scope for further acquisitions. The funding will support our ambition to become the largest multi-disciplinary surveying company in the UK.”

Charlie Robinson, investment director at the Frontier Development, said: “Tom and his team have impressed us with their strategic and operational approach to the subsidence industry. SML Group is already a leading service provider and has a clear plan for expansion via both organic and acquisitive growth.  This funding will allow the business to take advantage of the opportunities and continue on its growth path.  We are looking forward to partnering with the business on its next stage of development.”