ThinCats, an alternative finance provider to midsize SMEs, has provided £ 3million in funding to support two acquisitions of professional horticultural services to businesses and building supplier, Urban Planters.
The agreements involve two separate acquisitions by two of Urban Planters’ franchisees, Newman’s Plants Limited and The Palfreymans Limited. Both companies operate under the company name Urban Planters.
Founded in 2004 in Brentwood, Essex, Newmans Plants is a family business providing horticultural services in Chelmsford, Cambridge and London. The company has sought funding to acquire Contemporary Plant Designs Limited, another franchisee of Urban Planters Franchise Limited in West London based in Hounslow, retired from the current owners.
Based in Matlock, The Palfreymans since 1996 has been marketing plant displays, landscaping, grounds maintenance and green walls throughout Derbyshire. The company has secured financing for the acquisition of Paul Lomax Limited, again also a franchisee of Urban Planters Limited, operating in the North West of England.
The two acquisitions offer the opportunity to expand the activities to cover new customers and new territories. Newmans Plants was introduced to funder ThinCats by Padraig Connellan of Synergy Commercial Finance.
The Palfreymans were introduced by Paul Richardson, Director of Sales at MAF Finance Group, a Derbyshire-based credit broker.
Duncan Newman, Owner and Managing Director of Newman’s Plants, said, “We are working in an industry that is growing in popularity, with the demand for plants in buildings increasing as more people recognize the range of benefits. I take great pride in the fact that we are a trusted brand with a history of delivering high quality service. With the financing of this acquisition, we can offer this service to even more customers. ”
Tom Palfreyman, Owner and Managing Director of The Palfreymans, comments: “This acquisition gives us a great opportunity to expand our reach and expand the services we offer over a much larger area. We have been operating successfully as a well-respected family business for almost 25 years and look forward to our next chapter. ”
Stuart Thompson, Regional Business Development Manager, ThinCats: “Duncan and Tom are both very passionate about business and industry, and the entire team is obviously dedicated to providing the best service to their customers. They have shown with previous acquisitions that they have the ability to grow and continue to provide excellent customer service, and I’m excited to see where these next acquisitions will take them. ”