Chess Telecom dials another deal
TURNOVER at Chess Telecom is to pass £30m after the Cheshire firm made another acquisition.
The Alderley Edge-based company, which made 12 acquisitions in the last financial year, is buying Intelligent Networks of Sandbach, a £1m-turnover business. It is Chess’ 48th deal of the last six years
Newly-filed accounts for the year to April 30 show that privately-owned Chess grew turnover by 13% to £29.1m and EBITDA by 51% to £5.3m.
Commenting on the latest deal Chess director Richard Btesh said: “Our acquisition list continues to grow through 2010. Continued market consolidation and our reputation ensures we are able to maximise our potential.”
Tim Mears, director of Intelligent Networks said Chess’ customer focus and track record of integrating acquisitions made it his first port of call when he was looking to sell.
He said “It was clear early on that this flexible deal would give the best value for us, and more importantly, be a great choice for our customers.”
Chess has the firepower to do more deals. It has recently negotiated a £10m banking facility with the Royal Bank of Scotland which saw a £4m facility converted to a loan, a further £5m acquisition facility being provided and a £1m overdraft being maintained.
The company’s founder and chief executive David Pollock said Chess is well-placed for further growth.
He said: “We are confident that our proven business model of acquisition, organic growth and cross sales to existing customers will deliver another year of increased profitability in 2011”.
