26 March 2003
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A Lincoln company has become the nerve centre for residential property managing agents wanting independent credit referencing of their clients’ potential tenants.
HomeLet Referencing, the country’s largest credit referencing company and a division of Hanover Park Services plc, has centred its nationwide operations on the cathedral city where it now employs some 60 full time staff.
In addition to credit referencing, Hanover Park Services plc, based in Croydon, provides a comprehensive insurance and rent guarantee solution to landlords and tenants with more than 100,000 live policies in effect.
Tim Ashbolt, Director of HomeLet Referencing, anticipates that staff numbers will increase to 100 within 18 months following the recent transfer of some referencing functions from Glasgow.
Additionally, some other divisions of Hanover Park Services plc will be based there bringing the total workforce in Lincoln to around 150 by the end of 2004.
“Lincoln is an ideal location for us. There is a good pool of skilled labour and ample space in our existing premises to satisfy our expansion plans,” he said.
HomeLet Referencing, which is based at the former Ruston Bucyrus offices at Becor House in Green Lane, processes more than 1,000 credit references daily, which involves handling in excess of 1,000 phone calls and 4,000 faxes per day.
Activities range from credit checking and financial profiling to validating applications and processing references on behalf of management agents in England, Scotland, Wales and Northern Ireland.
“The buy-to-let boom has provided a major boost for the private lettings market. Traditionally this has represented only 7% of the residential market but has expanded to almost 14%, although it’s well behind Germany and France where it’s almost 50% and 35% respectively,” said Tim.
Tim initially developed and ran a successful property management business in Lincoln, which was sold in 1993. At that time he spotted an opening in the market and concentrated on the provision of credit referencing services to the lettings industry. He sold his business to the Erinaceous Group, which includes Hanover Park Services, in July 2002 and it now trades as HomeLet Referencing.
“Because of the volume of work we handle on behalf of professional managing agents, we have become very much technology led with more and more operations becoming web-based.
“Our e-referencing service was introduced in June last year and now accounts for between 15 and 20% of our business and is rapidly increasing,” he said.
HomeLet Referencing has already established strategic links with it’s major clients integrating their IT systems with it’s own Internet based e-referencing application.
Notes to Editors: Pictures of Tim Ashbolt and general office scenes are available as jpegs on request to Lucy Guilford at Tavistock Communications: Tel 020 7600 2288
For further information, please contact:
| HomeLet Referencing | Tavistock Communications |
| Tim Ashbolt | Paul Desmond / Marylene Guernier |
| Tel. 01522 587023 | Tel. 020 7600 2288 |
| or | |
| Helen Lloyd | |
| Tel. 01522 587022 |
