ICP Networks looks to Europe with funding deal

A SOUTH Manchester IT business is set to expand into Europe after agreeing a funding deal worth nearly £5m.

ICP Networks, a £7m turnover company has secured a £4.8m finance package, comprising loans, invoice finance, trade finance and foreign exchange products from HSBC to support its  growth aspirations.

The Poynton-based company, which specialises in trading new and refurbished IT network hardware, as well as IT asset management and green IT, will use the funding to operate in Germany, France and the Netherlands, as well as to boost its UK activities.
 
HSBC’s Manchester Commercial provided the finance package, which includes loans, invoice finance, trade finance and foreign exchange products, in a deal managed by senior international commercial manager Neil Ward.

ICP Networks was founded in 2002 by Matt Archer, who is originally from the US and whose father owned the first Apple Computer Store in Colorado.  Last year it opened an environmentally friendly £1m headquarters on Poynton Industrial Estate.

The company holds a stock inventory of around 30,000 items, ranging from single components to entire networks, and trades with customers in 43 countries around the world. It has also developed an IT asset management business where it works with clients to redeploy their redundant IT equipment, typically through sale, rent or recycling.

As part of its expansion plans, ICP Networks plans to expand its existing workforce of 15 over the next two years, creating a number of new positions.

Managing director Mr Archer, said: “It’s an exciting time for our business with ambitious plans to grow and new product launches.  We are delighted with the suite of funding solutions provided by HSBC as it allows us to continue our growth, which is critical for the success of the business. Germany, France and Holland are the largest and most mature IT markets so it makes sense for us to target them.”

HSBC’s area commercial director Jason Trigg said: “ICP Networks is a forward thinking business, as demonstrated by the investment it has made in its new HQ, which is a great example of how commercial buildings should operate. This funding will support the company’s growth at home and in Europe by enabling to expand its stock holding and improving its ability to offer a broader range of services to its customers.”

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