Property services franchise NoLettingGo closes “major” seed round led by FSE Group
Funding to expand franchise operation in “high density property locations” across UK
Property inventory chain NoLettingGo has announced that it has secured “major” seed funding from The FSE Group with equity from the South East Seed Fund and a syndicate angel group from the FSE Investor network.
Established in 2007 in response to the government’s Tenancy Deposit Legislation (TDL), NoLettingGo provides outsourced services to letting agents, landlords and property management agents and its core offering includes inventory, check-in and check-out reports and property visits.
With 39 franchise territories across the country, the property specialist intends to use the finance to attract new franchisees to its network in order to achieve revenue targets in excess of £70m.
It will also use the investment to increase its number of directly employed staff and add more in-house inventory clerks to deal with the “high demand for its services”.
NoLettingGo CEO, Nick Lyons (pictured second right), commented: “With the growth of the lettings market and the demand for our services, we are very excited to be expanding our network around the UK and servicing more areas where the rental economy is high.
“NoLettingGo is proud to offer an efficient and cost effective service to the lettings industry and with this injection of investment from FSE and their business angels, we intend to grow 10-fold over the next four years.”
Julie Silvester, head of equity at FSE Group, added:
“NoLettingGo exhibit a well-established yet nimble business model and we believe they will see accelerated growth with this round of investment.
“Both the Seed Fund and our angel group were very impressed with the core management team and look forward to positive results as they expand and grow the business across the UK.”
To find out more about franchising with NoLettingGo, click here.