Member Article

Newcastle's Van Mildert attracts 'exciting investment' to scale in property industry

Newcastle-based Van Mildert, a tenant referencing and insurance provider, has secured private equity investment to further scale its operations.

Established in 2009 by Christian Balshen and Richard Hammond, the business provides a technology solution to enable letting agents to order, track and receive tenant references at the click of a button from its lettings software.

Set to carry out over 200,000 tenant references this year for letting agents and Build-to-Let funds, the company works with brands such as Marsh & Parsons, Greene & Co, Bradleys, Romans and Mansons.

Believed to be in the region of a significant seven figure sum, the firm says the investment will be used to further ensure that its letting agent clients and software partners emerge as clear industry winners in an ever changing and challenging market.

The funds come from a private family office, and from the principals behind another company that is active in Van Mildert’s market, Advanced Rent Ltd. Founder and Sales Director, Christian Balshen, is remaining in the business and retains a significant (and largest individual) stake in Van Mildert’s capital.

Christian said: “The foundations of Van Mildert, for example, the quality of our team, the partnerships with the industry’s best software providers, the client relationships, the ingrained commitment to customer service and the flexible technology based solutions, are unparalleled in this industry.

“The work we and our software partners have done, and continue to do, provides our clients with a full, cloud-based, end-to-end tenancy progression feature so they can continue to provide a great service in a challenging and changing industry.

“This coupled with the exciting investment, means we are perfectly placed to ensure that our clients and partners prevail and thrive in a market, which is constantly changing.

“Our clients do a fantastic job and lead the industry in the services, which they provide to landlords and tenants. We will continue to support them through our integrations, effective technology and good old fashioned customer service.”

Steve Simons, Director of Advanced Rent Ltd, said: “We love the Van Mildert model. Everything they do begins with the question ‘What is the most useful thing we can do for our clients?’

“They have the technical know-how, the key strategic alliances and the brilliant client base to achieve their objectives and exceed industry expectations on every level. There is an exciting and prosperous future ahead and we are delighted to be a part of it.”

Advising the Van Mildert shareholders on the transaction was Ryecroft Glenton Corporate Finance, led by partner Carl Swansbury, alongside David Nixon and Alex Simpson. Tax advice was provided by the firm’s Simon Hopwood and Charlie Burton.

Legal advice to the founders was provided by Jonathan Waters, managing partner at Newcastle-based Hay & Kilner.

Carl Swansbury, partner at Ryecroft Glenton Corporate Finance who advised Van Mildert, added: “Attracting investment from a private equity source demonstrates the achievements of Van Mildert and its successful approach to the private rental property market. This deal will further reinforce the company’s growing position in the market and enable it to support a much larger client base.”