As recession bites, inventory business is booming

Panacea Inventory, a new property inventory business started with redundancy cash, has taken the sector by storm in its first nine months.

With the housing market slump, renting has rocketed and along with the introduction of the Tenancy Deposit Scheme, the inventory market is in a position to flourish. Panacea Inventory is well on the way to becoming a market leader in this new sector.

The business, which offers an innovative approach to inventories for the property rental market, has delivered more than 1,000 reports for clients across the whole of London since it launched in April 2009. One of their unique selling points is the ability to provide 24-hour turnaround on reports, which are then published in a secure online client area which works like a virtual filing cabinet.

Panacea Inventory’s service includes an initial inventory of items in a property, as well as the condition of fixtures and fittings. At each stage, a professional report with photographic evidence is prepared.

Managing director Clint Canning said: “We’re certainly the only company in London, if not the UK, offering a 24-hour service. Many said it couldn’t be done, but we’re doing it routinely. The clients’ response has been phenomenal.

“The inventory sector has the potential to be transformed into a dynamic profession. Traditionally, there’s been a ‘cardigan’ mentality to presentation, but we all carry out our visits in branded Smart cars and corporate suits.

“The feedback we are receiving from our clients is that we are leading the way in terms of innovation and professional approach, and we hope to cement our position as market leaders by the end of the summer.”

Clint built a strong career in investment in the City and had been working in property funds in Mayfair for around three years before he was made redundant.

He said: “One day I came into the office to find all of the desks gone and I was redundant, but starting Panacea Inventory was something I’d been weighing up for a while. I’d been managing property portfolios for some time and it became clear that this type of work was being done by retired estate agents, carrying out a couple of inventories a week.

“Whenever we were asked to recommend someone professional to do the job, it was clear that we couldn’t. There was an opportunity to lead the way with a really professional set-up in this market.”

For more information, visit panaceainventory.com.