£20 million funding for expanding Lancashire telecoms firm
Chorley-based Elitetele.com has secured £20 million in funding from Lloyds Bank Commercial Banking.
The funding provided by the bank’s Manchester Mid-Markets and Strategic Finance teams will aid Elitetele.com in their search for businesses to complement its continued growth in the telecoms, IT, PBX and connectivity sectors.
Having reported revenues of £31 million for the year ending July 2014, Elitetele.com saw an increase of 31 per cent on the previous year.
Elitetele.com has made 11 acquisitions since 2008, including London based Modern Communications and Stoke based Qualitel Voice & Data in the last 12 months.
Matt Newing, CEO at Elitetele.com said: “We see organic acquisitions as a key part of our growth strategy and the best route to attract new customers and establish ourselves as the unified communications provider of choice.
“As technology continues to evolve faster than ever, our customers require increasingly complex solutions.
“It is our goal to acquire the expertise to meet these needs in the next 12 months and the funding from the Lloyds Bank team will enable us to take a huge step forward to ensure we’re at the cutting edge of data, hosting and connectivity.”
Elitetele.com was advised by Matthew Christmas and Charlie Weems at DLA Piper, Manchester. Lloyds Bank was advised by Richard Capper and Helen Penfold at Hill Dickinson, Manchester.
Richard Capper said: “It was a pleasure to work with our long-standing client Lloyds Bank on this interesting and complex transaction and to help them achieve their immediate and long term strategic objectives with their increasingly important customer.”
This was posted in Bdaily's Members' News section by Simon Malia .