NatWest boosts Rochdale telecoms provider with £20m investment deal
Telecommunications and technology service provider Zen Internet has secured a £20m financing deal from London-headquartered NatWest Bank.
The new revolving credit facility from NatWest, which was led by Mike Malone, Kieran O’Malley and Martyn Lylyk aims to allow significant investment into Zen’s network infrastructure, people and product offerings.
Zen aims to use the funding to boost growth as part of a five-year strategy in a bid to challenge the ‘big four’ telecoms providers - delivering customer service and reliability to business and residential UK customers.
Mike Malone, director of structured finance at NatWest, said: “We are delighted to be able to continue our support for such an exciting company.
“Zen has a well-established track record and an ambitious growth strategy. We are pleased that we have been able to provide the financial support needed in order to deliver on its next phase of growth and support another exciting, high growth locally based business.”
Zen also launched a supposedly ‘industry-first’ lifetime price guarantee earlier in 2019, enabling its customers’ prices to never change or increase.
Matt Kay, chief financial officer of Zen Internet, added: “NatWest has a proven track record of supporting Zen through previous growth periods and we look forward to continuing our great relationship during this exciting period.
“The latest financing agreement is the result of some excellent support from our advisors KPMG and our lawyers Eversheds Sutherland.”
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