QMP secures £11m funding package from Santander
Royal Wootton Bassett-based Quick Move Properties (QMP), one of the UK’s largest independent residential property part exchange and house sale service companies, has secured an £11m funding package from Santander Corporate Banking.
QMP was founded in 1998 and grew quickly to become a key player in the part exchange property market. The firm which, since inception, has facilitated the purchase of more than 4,000 properties and currently turns over more than £50m a year, has successfully diversified its supply chain and purchases properties from multiple channels.
The financial package from Santander comprises of an extension of established facilities and some additional working capital funding. Bristol law firm, Osborne Clarke, acted for the bank.
QMP chairman Steve Abbley said: “We have a developed an innovative and strong business proposition for the UK residential property market, one that we see as offering a real alternative to the traditional house purchasing process. We are delighted with the continued financial support from Santander and look forward to working closely with the team going forward.”
Richard Taylor, relationship director for Santander Corporate Banking, added: “QMP is committed to delivering a first class service for house sellers in the UK. The firm and its management have developed a proposition which offers a real alternative to people moving house, and we are delighted to maintain our business relationship with them by extending our lending support.”