MET Parking Services has attracted investment from ThinCats, a lender specialising in medium-sized UK companies. The funds were raised via the Coronavirus Business Interruption Loan Scheme (CBILS), a UK government scheme that helps small and medium-sized businesses to access loans and other kinds of finance up to £5m. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
MET is an operator providing parking management and enforcement services throughout the UK. It has built up a portfolio of 500 sites since being launched in 2005 and wanted to raise development capital to deliver a pipeline of new sites and enable the business to progress acquisition targets.
David Marks, chief executive of MET, worked with corporate finance advisors Andrew Thomson and Ricky Collis of HMT LLP on the deal.
Marks said: “It was great working with ThinCats and HMT, they both took the time to get to know our business, the team behind it, and the plans that we have for growth and development over the coming years. We are looking forward to utilising the funding to continue to deliver on our roadmap for growth and partnering with our client base on a greater scale.”
Ricky Collis, senior manager at HMT recommended that ThinCats provide the funding package, having worked with the investor’s team on a previous deal. Collis said: “Having grown organically under David’s leadership for a number of years, MET have reached an inflexion point where the demand for their services is so strong that additional working capital is required to accelerate to new heights.
“A funding line with a lender such as ThinCats, who will be supportive as traction continues to build, will provide the gasoline for a transformational roll-out of sites and the ammunition for acquisitions.”
Dave Sherrington, head of regional sales at ThinCats, said: “We are delighted to have been able to work alongside HMT again to support David and his team with this CBILS funding.”
ThinCats is the trading name of a group of companies owned by ESF Capital.
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