Romans

DEALS: Romans

Romans logo

THE DEAL

  • Sector: Real Estate
  • Deal type: Debt Advisory
  • Deal size: £50m
  • Year: 2013
  • Lead partner: Ian Milne

DEAL TEAM

Clive Hatchard Ian Milne

Spectrum supports Bowmark Capital in the management buy-out of Romans Group

Spectrum Corporate Finance has successfully worked with Bowmark Capital providing debt advisory support in their recent management buy-out of Romans Group, a leading property services business operating across Berkshire, Surrey and Hampshire.

Founded in 1987, Romans has grown from a single site in Bracknell to an extensive network of 18 branches across the region. The company provides a comprehensive range of estate agency, lettings agency and associated property services to buyers, sellers, landlords and tenants. Romans has an outstanding reputation for service amongst its customers and throughout the property industry as a whole, winning the UK Estate Agency of the Year award for the past two years.

The buy-out team is led by Romans’ Group Managing Director, Peter Coles, a highly respected industry executive, who has been with the business for 25 years. Romans has achieved impressive growth in revenue and profits in recent years, both organically and through the acquisition of lettings branches and portfolios. Bowmark will provide significant additional capital to support the continued roll-out of new offices and future acquisitions. A key element of the debt package arranged by Spectrum was the inclusion of an acquisition and expansion funding line.

Spectrum’s knowledge of debt provision into the property services sector over a number of years alongside its detailed knowledge of debt markets and the mechanics of structuring roll-out debt facilities alongside acquisition funding were key factors in their involvement in the project. The highly responsive and partner led approach at Spectrum enabled the provision of flexible and hands-on deal support to Bowmark. Working to a tight timetable, Spectrum was also able to deliver a tailored and fully integrated financial model for the management team.

“We were very pleased with the support provided by Spectrum who showed great speed of response in mobilising on the project and a highly flexible and added value approach to the way in which they worked alongside the Bowmark team. Spectrum played a key role in putting in place a very competitive and flexible debt package within a very tight time-line.” Tom Shelford, Bowmark Capital