Peter Morgan Property Group, a Neath-headquartered estate and lettings agency, has secured a significant £150,000 finance package to support its latest acquisition, enabling the company to expand its presence in South Wales. This funding, provided by the Investment Fund for Wales (IFW) and the Community Investment Enterprise Fund (CIEF), has facilitated the acquisition of SureLet Carmarthen, marking the opening of Peter Morgan’s fifth branch in the region.
Expanding Operations Through Strategic Acquisitions
With over 40 years of experience in the property services sector, Peter Morgan Property Group has long been a trusted name in the counties of Rhondda Cynon Taf, Bridgend, Neath Port Talbot, and now, Carmarthenshire. The secured funding allows the company to solidify its foothold in the property market while advancing its strategy of growing through acquisitions.
Jonathan Morgan, who took over the family-run business five years ago, spoke of the critical timing and the necessity of adapting their business model post-pandemic. He commented, “Like many businesses, coming through and out of the pandemic, we knew that our business model needed changing.” The agency opted to move away from the traditional multi-office setup in favor of a hub-based approach, where a central office operates in each county served.
- A Focus on Hubs: Transitioning to a model focused on county hubs allowed the company to streamline operations and increase efficiency.
- Acquisition Strategy: The purchase of SureLet Carmarthen has secured jobs for local staff while creating new employment opportunities, showcasing Peter Morgan’s commitment to regional growth.
Navigating Financial Challenges with Tailored Support
Like many small to medium-sized businesses, securing the necessary capital for expansion was not without its hurdles. Having experienced the challenges of obtaining finance during a previous acquisition, Jonathan Morgan was quick to recognize the complexities involved. To navigate these challenges, Morgan was recommended to BCRS Business Loans, where South Wales business development manager, Graeme Lewis, played an instrumental role in helping secure the needed funding.
Graeme Lewis noted, “Jonathan and the team have a clear strategy, and we’re glad that we’ve been able to support them in their expansion.” As a story-based lender, BCRS Business Loans focuses on helping small businesses like Peter Morgan Property Group achieve growth while making a positive economic and social impact. By supporting local businesses, BCRS aims to foster job creation and regional development in areas that may face economic challenges.
| Financing Breakdown | Amount | Purpose |
|---|---|---|
| Investment Fund for Wales | £150,000 | Business acquisition |
| BCRS Business Loans | Small loans (£25,000 – £100,000) | SME growth support |
| FW Capital | Larger loans (£100,000 – £2m) | Scale-up funding |
| Foresight | Equity investments up to £5m | Long-term business growth |
A Boost to Employment and Regional Growth
The acquisition of SureLet Carmarthen not only expands Peter Morgan Property Group’s geographic footprint but also secures jobs for the staff of the acquired company. Furthermore, the business has hired additional employees to meet the demands of its growing operations, strengthening its position within South Wales.
“We were presented with such a fantastic opportunity in acquiring the Carmarthen business,” Morgan remarked. This acquisition marks a significant step forward for the company, providing the resources needed to further its mission of delivering high-quality property services across multiple counties.
The Investment Fund for Wales and CIEF have played a crucial role in enabling this expansion, providing both small and medium-sized enterprises (SMEs) with access to essential funding. This finance package is part of a broader initiative aimed at fostering economic growth in Wales, ensuring that local businesses have the tools they need to thrive in an increasingly competitive market.
Looking Forward: A Growing Presence in Wales’ Property Market
Peter Morgan Property Group has already seen positive outcomes from its revised business model and acquisition strategy. The company’s decision to move towards a hub-based model in each county has allowed it to maintain flexibility while expanding its service offering. The acquisition of SureLet Carmarthen has bolstered the company’s growth trajectory, helping it maintain its position as a key player in South Wales’ property market.
- Positive Revenue Growth: The company has already reported increased revenue following its latest expansion, a testament to the success of its strategic approach.
- Further Expansion: With a clear strategy in place, Peter Morgan Property Group is eyeing additional opportunities for growth, both through acquisitions and organic expansion.
Looking ahead, the company remains focused on leveraging its deep market expertise and robust financial support to drive further growth across South Wales and beyond. The expansion into Carmarthenshire is just the latest in a series of moves aimed at ensuring the business continues to thrive in an evolving property market.
