LetMC reports management buyout

first_imgGlyn TrottOne of the industry’s few remaining independent software companies LetMC. com, has undergone a management buyout, led by Managing Director Glyn Trott and supported by Barclays with £500,000 to buy the firm from its Welsh letting agent owners, Pinnacle.“As the founder of LetMC. com, the management buyout seemed the natural evolution to ensure I could allocate further capital to the growth of the business,” he says.“Initially I felt the only option would be to give away equity to raise capital which would dilute my shareholding and ultimate control, so when Barclays offered to provide debt finance I was delighted as this allowed me to take the business in my chosen direction while maintaining full control.“With the rise in ‘prop tech’ and online estate agents, software development is playing a bigger and bigger role in the property sector.”LetMC is based in Cardiff and was set up in 2004 by Pinnacle as an in-house development project and initially run from a garage but now has offices including a bar for its 22 staff.“This was a complex transaction but demonstrates the bank’s commitment to supporting ambitious growth propositions,” says Barclays business manager Jason Coleman.Glyn trott management buyout software LetMC May 31, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » LetMC reports management buyout previous nextProptechLetMC reports management buyoutThe Negotiator31st May 20180571 Viewslast_img read more