SACO receives £3m investment

Stephen Hanton
Stephen Hanton is SACO’s new MD
Serviced apartment company SACO has been given £3 million to expand its portfolio and business.

The company is to expand through pre-lets for long leases, building acquisitions and its marketing capabilities with the financial backing from New World Private Equity Partners (NWPE).

Nigel Berger, co-founder and partner at NWPE said it was “easy” to get investment for SACO based on “a proven business model, a well-established brand, has strong asset backing and is operating in a rapidly growing market”.

SACO currently has 600 properties and saw more than £20m in its last financial year.

SACO’s director David Freed said: “We have a strong team and operational platform and this investment will help us increase our apartment portfolio within the UK and expand our sales and marketing capabilities.’’

Its expansion will take place under the helm of new managing director Stephen Hanton. Hanton’s previous roles include those at Marriott, Holiday Inn and Hyde Park Residence.

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