New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
About 2 weeks ago 94
LettingSupermarket.com has been independently valued by KBS Corporate at £3,500,000.
On 15th July 2015 LettingSupermarket.com raised £250,000 via the crowdcube crowdfunding platform. At that time the business was valued at £1,250,000. These investors have experienced growth of 180% in their share values.
A further round of crowdfunding raised £125,000 via the seedrs website on 30th August 2016. At that time the business was valued at £2,500,000. These investors have experienced growth of 40% in their share values in less than a year!
Chris Sheldon, managing director of LettingSupermarket.com said: “despite the major setback of the passing of my co-founder Tony Sheldon and the impact that had on the business we have made positive progress and are delighted with the latest valuation. Since completing the crowdfunding we have completely redesigned our website, recruited additional head office staff and moved into new office premises. We now provide 100% coverage in the UK via 200+ local agents. The growth in agents represents 50% since our last fundraising completion. The number of properties under management has seen growth of 36%. Whilst the initial investments are yet to be amortised the business is now making profits and growing nicely.”
The success of the business has been based on competitive pricing in comparison to other ALRA agents and fast payments of rents to landlords. This has been achieved through centralised automation and the appointment of highly motivated local agents who complete detailed inventories and deal with tenant viewings and check in/out.
Mark Alexander, founder of Property118 said; “We are delighted with the growth and our decision to back LettingSupermarket.com by taking a 26% stake and handing the letting and management of our properties to them when the business was at initial start-up phase. In my opinion, the cost and level of service provided is unrivaled and future growth is inevitable due to landlords wanting to cut costs to offset rising tax and the fee structure of the company which is well placed to deal with the ban on charging fees to tenants”
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