UK: Newbury-based serviced apartment operator plans to expand nationally and create 40 jobs over five years after securing funding.
Executive Serviced Apartments (ESA), which currently operates
235 apartments in 15 locations across the south of England, secured
credit facilities from Santander.
ESA founder and managing director Charlie Turner said: "Our current model is based upon apartment leasing rather than private ownership. When we were originally looking to expand our business, it was difficult to obtain the support of banks, which were typically looking at ESA as a property company and therefore had a loan-to-value approach. One of the best things about Santander is the time the team has taken to really understand our business, recognise our strong cash generation and provide a level of financing which we simply couldn't find elsewhere."
"This is a very exciting time for ESA, as we enter our 11th year in business and embark on our next phase of growth. Expanding our portfolio to a wider geographic market will be challenging but we believe in our proposition and, with Santander's support, are confident we will succeed," he added.
Santander's funding package includes £600,000 growth capital investment, provided on a cash flow basis. The loan is part of Santander's breakthrough programme, which aims to support fast growth small businesses to help them accelerate their potential.