ITC secures £7 million to accelerate expansion

An IT service provider has secured a £7 million investment to scale operations, enhance services and drive growth across the region.

ITC Service, based in Hebburn, delivers outsourced IT solutions to over 400 SMEs in the North East, offering services such as managed IT support, cyber security, cloud solutions and digital transformation. Founded in 2016 by Christopher Potts and Peter Anderson, the company has built an extensive client base, providing business-critical technology support.

The funding, provided by BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, will enable ITC to pursue organic growth and strategic acquisitions in neighbouring regions, helping to expand its reach and enhance its offering to SMEs across the UK.

Commenting on the deal, Christopher Potts, founder and director of ITC Service, said: “Over the last 18 years, we have built a highly successful, respected business that has developed a strong and valued client base.

“With the ongoing support of my co-founder Peter, I am excited to lead ITC forward, to continue to grow and support our region, to help more local businesses achieve their goals and complete a carefully executed M&A strategy.

“In order to fulfil this potential, we need an investment partner that is willing to take a long-term approach to support our growth ambitions.

“With an excellent track record of backing exciting and dynamic businesses in the North East, we are confident BGF is the right choice and we’re delighted to have the team onboard."

BFG’s investment was led by John Healey and Christian Pollard, investors in the company's Newcastle team. As part of the investment, Lee Shorten will join the board as non-executive chair to support ITC’s growth trajectory.

John added: “ITC is a real success story in the North East, where it has a long-established track record of delivering exceptional client outcomes.

“With an appetite to accelerate growth, through a leading service offering combined with a client focused approach, ITC is well positioned to expand its footprint in the regional market.”

Advisers on the deal included Mincoffs and RSM, who supported ITC and its shareholders, while Womble Bond Dickinson provided legal advice and Tax Advisory Partnership offered tax guidance to BGF.

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