Peter Morgan Property Group, a well-established estate and lettings agency, is expanding its footprint across South Wales after successfully securing a £150,000 finance package. This funding has enabled the acquisition of SureLet Carmarthen, marking a significant growth milestone for the 40-year-old family business. The move not only extends their services into Carmarthenshire but also secures local jobs and promises further employment opportunities in the region.
A Strategic Move for Regional Expansion
The acquisition of SureLet Carmarthen is a calculated step in Peter Morgan Property Group’s long-term growth strategy. This deal adds a fifth branch to the company’s portfolio, solidifying its presence across key areas in South Wales.
With existing operations in Rhondda Cynon Taf, Bridgend, and Neath Port Talbot, the addition of Carmarthenshire significantly widens their regional influence. This expansion is not just about adding a new location; it’s about strengthening the company’s brand as a leading property service provider in Wales. The move ensures the continued employment of the SureLet Carmarthen team, with plans to hire more staff to handle the expected increase in business.
Adapting Business Models in a Post-Pandemic World
Like many businesses, the pandemic forced Peter Morgan Property Group to rethink its operational strategy. Jonathan Morgan, the company’s director, explained that their old model needed a major overhaul to remain efficient and competitive.
“Like many businesses, coming through, and out of the pandemic, we knew that our business model needed changing,” Morgan stated. He elaborated on the shift away from numerous physical offices towards a more streamlined approach. “No longer did we need lots of offices, so we made the move to a model that was based on a hub in each county we served.”
This new, more agile business model allowed the company to focus its resources on strategic acquisitions, making the opportunity to purchase the Carmarthenshire branch a perfect fit for their new direction.
Securing the Right Financial Partnership
To complete the acquisition swiftly, Jonathan Morgan needed a responsive financial partner. He was introduced to BCRS Business Loans, a lender known for its story-based approach to supporting small and medium-sized enterprises (SMEs).
Graeme Lewis, the South Wales business development manager at BCRS, worked closely with the property group to understand their vision. BCRS Business Loans was an essential partner in this process, providing tailored finance options that met the company’s specific needs. This partnership was crucial in finalizing the deal quickly, allowing the group to secure the acquisition and protect local jobs without delay.
The finance was provided through a combination of two powerful funds designed to support Welsh businesses.
- The Investment Fund for Wales (IFW): Backed by the British Business Bank, this fund helps businesses start up, scale, or innovate.
- The Community Investment Enterprise Fund (CIEF): This fund focuses on supporting community-driven businesses that create local economic impact.
This collaborative financial backing gave Peter Morgan Property Group the confidence and capital required for its expansion.
Boosting the Local Economy and Property Market
The expansion of Peter Morgan Property Group has a positive ripple effect on the local economy. By securing the jobs of SureLet Carmarthen employees and creating new employment opportunities, the group is contributing to the economic stability of South Wales. This growth comes at a time when the Welsh property market is experiencing high demand.
The support from financial institutions like IFW and BCRS highlights a commitment to fostering growth among regional SMEs. As Peter Morgan Property Group continues to expand its services and influence, it is well-positioned to become a dominant force in the Welsh property market, ensuring the region remains competitive and well-served.
| Financial Institution | Role and Offerings |
|---|---|
| Investment Fund for Wales (IFW) | Provides loans from £25,000 to £2 million and equity investments up to £5 million to Welsh SMEs. |
| BCRS Business Loans | Specialises in smaller loans (£25,000 to £100,000) for businesses that may struggle to get funding from traditional lenders. |
| Community Investment Enterprise Fund (CIEF) | Offers financial support to businesses with a strong community focus and local impact. |
