Cloud Technology Solutions agrees funding switch

FAST-growing IT services provider Cloud Technology Solutions has sealed a funding deal to support its continued expansion.

The Manchester company which in the year to the end of March saw turnover more than doubled from £435.000 to £954,000, has agreed a working capital package from Santander Corporate Banking.

CTS, was founded in 2008 by Steve Kaye and Paul Lees, and has 17 employees.

It has a wide customer base, from SMEs, to large organisations such as the RSPCA, Warwickshire County Council, Kempinski Hotels. The company works with Google and Microsoft and around 50% of its clients are based in the United States.  

Chairman Steve Kaye said: “We are fully committed to growing our business and are delighted that Santander is able to provide much needed support during this period of rapid growth.

“We were unhappy with our previous bank as our relationship directors were changed on numerous occasions, causing much disruption to our business.”

David Parr, relationship director at Santander Corporate Banking, said: “I am thrilled to be able to work with and support Cloud Technology Solutions and have been very impressed by how the company has grown in such a short space of time. This is largely due to the experience of the management team and their commitment to driving the business forward.”