Tech firm has £70m war chest to go on acquisition trail
Cheshire technology firm Chess has secured a £70m war chest to help fund its growth strategy.
The deal will allow the company to refinance their existing facilities and provides additional funds to further grow the business through acquisitions.
Barclays were the mandated lead arranger, agent and co-ordinator and Santander has also joined the banking group.
Chess are one of the most successful consolidators of the telecoms market having made over 100 successful acquisitions to enhance its product portfolio and add people and expertise to its growing team.
Chess have six locations across the UK, in Alderley Edge, Borehamwood in Hertfordshire, Bury St Edmunds in Suffolk, Burnley in Lancashire, and in Scotland in Glasgow and Edinburgh.
Chess founder and chief executive David Pollock said: “We are delighted to continue to work with Barclays and to extend our relationship for a further four years.
“Support from Barclays has proved invaluable in the growth we have achieved over the last seven years.
“It is clear from the refinancing process that the addition of Santander to our banking structure will compliment Barclays and we are confident that this combined support will allow us to achieve our ambitious future growth targets.”
Greg Doran, relationship director, technology, media and telecoms at Barclays said “Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess’s acquisition strategy.
“We are the only bank with a dedicated northern TMT team and I am confident the funding from Barclays will allow Chess continued growth and profitability and to maximise their potential.”
Charlotte Lees, director of structured finance at Santander, commented, “Santander are delighted to have the opportunity to work in partnership with Barclays in supporting Chess in this refinance. Chess is a highly regarded business which is well positioned to continue to grow, and these facilities will support these ambitions.”
