Chess boosts acquisitions warchest by £10m

AMBITIOUS Cheshire-based Chess Telecom, has boosted its acquisitions warchest with a further £10m funding facility.

The privately-owned Alderley Edge based group, which has made more than 70 acquisitions as in the last 20 years, has extended its
relationship with exisiting lender Barclays Corporate.

The new three-year facility, under the government’s Funding for Lending Scheme, takes its total facility to £24.5m in total comprising a mix of term loan, revolving credit facility and overdraft.

Chess founder and chief executive David Pollock said: “Working in a dynamic, fast-moving industry has created exciting opportunities to grow.

“After a successful two years acquisition facility with Barclays we feel the time is right to expand our portfolio. We’ve made four acquisitions already this year and have a pipeline of businesses that want to work with us.

“Our future acquisitions will play a significant part in the growth and success of our business, creating new opportunities for our people to progress their careers creating new and exciting challenges.”

Richard Btesh, director at Chess, added: “The funding received from Barclays is an endorsement of our strategy and will enable potential acquisitions, in order to grow our portfolio. Chess is now firmly established as the UK leading consolidator of small telecoms businesses”. 

The deal was arranged by Barclays Corporate Banking in Manchester and led by relationship director Richard Faulkner, who said: “Our client is a fast growing, profitable company and the funding from Barclays will allow them to maximise their potential over the next three years.”