One of the industry’s few remaining independent software companies LetMC.com has undergone a management buyout, it has been revealed.
The company’s management team led by Managing Director Glyn Trott (pictured) supported by Barclays, has raised £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.
LetMC, which stands for Letting Management Centre Ltd and is based in one of Cardiff’s tallest office blocks, says the buyout will enable it to expand the business, although Glyn admits one of the company’s biggest challenges is finding good software developers in the area.
Its management team also have ambitions beyond software. During the 2014 Commonwealth Games in Glasgow its IT director Leuan Williams won a bronze medal in cycling.