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| Date | 29 Mar 2023 |
| Time | 07:00:06 |
| Category | Miscellaneous |
| ID | 5366U |
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29 March 2023
RentGuarantor Holdings PLC
(the "Company" or "RentGuarantor")
Partnership with Vorensys Limited ("Vorensys")
RentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the UK private rental sector, announces that it has entered into an agreement with Vorensys for the use of the RentGuarantor service.
Vorensys provides comprehensive UK tenant referencing solutions for letting agents and landlords, including white label tenant referencing services to insurers, software vendors and property management businesses. Around 18,000 tenant reference applications are completed via Vorensys per year, with 10 per cent of those tenants expected to require a guarantor. Vorensys will be promoting the Company to all applicants requiring a guarantor during the tenant referencing process.
Paul Foy, CEO of RentGuarantor, said: "We are really looking forward to working with Vorensys in assisting with the development of end to end guarantee solutions for tenants, and will work closely together over the coming months to create the correct technology to effectively manage new relationships ahead of consumer launch.
"A recent survey conducted by RentGuarantor found that 38% of tenants would prefer to purchase a guarantor product as opposed to relying on a family member.
"I have no doubt that this partnership will assist both Tenant and Landlord in securing tenancy agreements and provide increased interest in our services."
Adam Cheshire, Operations Director of Vorensys, said: "Vorensys is excited to announce this partnership with RentGuarantor, which will streamline the time taken to secure a reliable guarantor for our tenants and agents alike. Furthermore, RentGuarantor ensures that rent will be paid to landlords or agents without any arrears, providing valued security to tenancy agreements."
The directors of RentGuarantor accept responsibility for this announcement.
Ends
For further information please contact:
RentGuarantor Holdings PLC
Paul Foy, Chief Executive Officer
+44 207 193 4418
Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)
Nick Michaels
+44 20 7309 2203
Optiva Securities Limited (Broker)
Vishal Balasingham
+44 203 411 1881
BlytheRay (Financial PR)
Tim Blythe, Megan Ray
+44 207 138 3204
About RentGuarantor Holdings Plc
RentGuarantor provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector ("PRS"). The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor. RentGuarantor supplies its service to the whole of market - students, employed, and people on benefits including Universal Credit. Local authorities have a legal obligation under housing and other property related Acts of Parliament to provide tenants with a home and this is mostly achieved by paying for the tenant to reside in a PRS property. Local authorities use the guarantee service as they cannot become a guarantor. RentGuarantor's risk from rent guarantees is fully underwritten by Lloyds of London.
The Company's strategy is to strengthen its senior and middle management team and grow revenue in accordance with its business model. RentGuarantor sees the PRS continuing to grow with affordability to buy, coupled with lifestyle choices being the key drivers over the next 3-5 years.
RentGuarantor will rollout additional services that complement RentGuarantor's proposition, which will deliver additional revenue, and cement RentGuarantor as the leading rental guarantor company in the UK.