Member Article

Manchester's Metronet snaps up London telecoms firm to fuel capital expansion

Manchester-based internet infrastructure firm, Metronet, has announced the acquisition of a fibre business in the capital as part of its sustained push into the London market.

The firm, backed by private equity firm Livingbridge, has acquired Venus Business Communications for an undisclosed amount in a move that will see Metronet add a further six data centres to its UK network.

Founded in 2005 by Brian Iddon and Justin Keery, Venus has grown a superfast fibre network centered around central London and the City, and last year reached revenues of £7.8m working with companies across some of the capital’s most important sectors.

Lee Perkins, Chief Executive at Metronet (UK), said that the two firms were a good fit due to their ‘entrepreneurial’ focus, and that Venus would complement its £47m acquisition of hosting company M247 back in October.

He commented: “Venus is a fantastic business which has established itself as a leading player in the London market thanks to its market leading levels of speed and reliability.

“Just as importantly, Venus has the same entrepreneurial and customer-centric culture as us so I have no doubt that it will be an excellent fit with our business.”

The combined group means that Metronet now employs over 230 people at sites in Manchester, Newcastle, London and Bucharest, with revenues reaching over £50m.

Private equity firm Livingbridge have had an interest in the firm since a £45m secondary buyout in 2014, and funds from the Livingbridge5 fund have helped fuel its recent acquisition streak.

Matthew Caffrey, Partner at Livingbridge, said: “The acquisition of Venus neatly complements Metronet’s existing capabilities and will enable the business to build a world class wireless network in London on top of Venus’ core transit and last mile fibre capability.

“Metronet’s national services now include connectivity applications across the wireless and fibre spectrums as well as voice, security and hosting and we are very excited about the Group’s continued growth prospects.”