Wed, 20 Dec 2023 | BUSINESS NEWS
SML Group, a Leicester-headquartered business specialising in subsidence monitoring, has secured a seven-figure debt funding package from Frontier Development Capital (FDC) that will be used to support the firm’s acquisition plans.
The company has acquired and integrated six businesses over the past decade, with its acquisitive growth helping it build a team of 160 staff and, in addition to its Leicester base, locations in Edinburgh, Swansea, Arundel, Peterborough and Norfolk.
SML Group operates through several brands, including Subsidence Monitoring, My Home Needs, Geo Info, Ratcliff Land Surveys, Landmark Surveys, Drillline GPR and The Survey Store. The group’s primary service is subsidence monitoring, which it provides for insurers and loss adjusters.
In addition, it also provides geo-spatial surveys and geo-technical services, such as materials testing and inspection, for clients in the construction industry. Chief Executive Thomas Harpin said that the group’s aim is “to bring innovation into the traditional world of surveying by providing a single point of contact for multiple services and adopting the latest technologies to give our clients added value.”
Regarding the group’s acquisitive activity, Harpin said: “We have a strong track record for integrating and successfully growing the businesses we acquire. Surveying is a very fragmented market with lots of small firms so we see scope for further acquisitions. The funding will support our ambition to become the largest multidisciplinary surveying company in the UK."
Charlie Robinson of FDC said that the SML team had “impressed us with their strategic and operational approach to the subsidence industry.”
Robinson continued: "SML Group is already a leading service provider and has a clear plan for expansion via both organic and acquisitive growth. This funding will allow the business to take advantage of the opportunities and continue on its growth path. We are looking forward to partnering with the business on its next stage of development."
While financing conditions remain tight, there are still a wide range of funding options available to businesses seeking to grow through acquisitions
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