Estate and lettings agency Peter Morgan Property Group has expanded business operations further across South Wales after securing a £150,000 finance package from both the Investment Fund for Wales (IFW) and Community Investment Enterprise Fund (CIEF).
The Neath-headquartered group, which has more than 40 years of experience in UK property services, secured the funding allowing them to acquire a business in Carmarthenshire, signalling the opening of their fifth branch across the region.
The company, which helps people buy, sell, let, and manage properties across the counties of Rhondda Cynon Taf, Bridgend, Neath Port Talbot and now Carmarthenshire, is already reporting a huge increase in revenue and is eyeing further expansion.
Jonathan Morgan, Director and Property Expert who took over the family business five years ago, explains:
“Like many businesses, coming through, and out of the pandemic, we knew that our business model needed changing. 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 gave the Group a boost and we quickly saw huge potential in growing our operations through acquisition. We were presented with such a fantastic opportunity in acquiring the Carmarthenshire business but, having been through a similar experience in recent times, I knew the hurdles in accessing the finance required.”
Jonathan wanted to secure finance quickly and was recommended to contact BCRS Business Loans. He worked with South Wales Business Development Manager, Graeme Lewis, who spent considerable time getting to know the business.
Peter Morgan Property Group was successful in obtaining two finance packages from BCRS Business Loans. £100,000 was secured through the £130 million Investment Fund for Wales, which was launched by the British Business Bank in late 2023, whilst £50,000 was obtained through Community Investment Enterprise Fund (CIEF), a fund backed by Lloyds Bank, the first mainstream lender at scale to finance loans for delivery through socially motivated Community Development Finance Institutions (CDFIs).
The funding allowed Peter Morgan Property Group to acquire the Carmarthenshire business, whilst they’ve also invested in branding and sales-informed data intended to lead to further growth across south Wales.
Through the acquisition the Group has secured employment for staff of the acquired business, whilst they’ve also employed further colleagues to deliver and drive the Peter Morgan Property Group name regionally.
Jonathan continued:
“This funding has been pivotal for us – without it we would have missed the opportunity and would be in a very different position.
“BCRS was fantastic – Graeme worked with me directly, getting to know our business model, and the speed in which we were able to secure the finance ensured that we could complete the acquisition in a timely fashion.
“In the past 12 months our lettings have increased ten-fold, and our strategy is clearly working.
“We now want to grow the business further, and I am particularly passionate about encouraging more young adults into the workplace. We want Peter Morgan Property Group to become the biggest letting agency in Wales, and we’re proud that BCRS see our potential and are proudly supporting us on the journey.”
Graeme Lewis, Business Development Manager at BCRS Business Loans, said:
“Jonathan and the team have a clear strategy and we’re glad that we’ve been able to support them in their expansion
“BCRS are a story-based lender, and we are committed to support small businesses to achieve growth. Our mission is to make a positive social and economic impact, and we are delighted that Peter Morgan Property Group share this and have created additional jobs. We wish them the best of luck in the future.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Funds at the British Business Bank, said:
“The £130 million Investment Fund for Wales was launched by the British Business Bank to support successful businesses with growth ambitions, and a plan to deliver on their business goals. Peter Morgan Property Group certainly fulfils these requirements and it’s wonderful to see that the funding they have received has been so quickly and efficiently deployed for maximum benefit.
“We hope that this investment delivered through BCRS contributes to their ongoing commercial success.”
Victoria Crisp, Investment Manager at Better Society Capital, added:
“We are delighted to see that funding from CIEF is already being put to good use – creating impact for local people and communities in Wales. At Better Society Capital we care deeply about increasing access to funding and building fair opportunity through expanding the reach of investment into communities. We look forward to seeing further progress from CDFIs like BCRS, supporting local businesses through dedicated business support and finance.”
The British Business Bank backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital is responsible for larger loans (£100,000 to £2 million) and Foresight manages equity deals (up to £5 million).
The new £62 million CIEF offers investment to businesses including those in the West Midlands and Wales who are unable to access finance from traditional sources. BCRS Business Loans is supporting the CIEF delivery by providing secure loans from between £25,000 and £150,000 to enable growth and recovery plans.
