Telecoms firm expansion backed by £4m of bank funding

MID Communications, an O2 franchise store owner, has acquired six new stores and enlarged its Oldham headquarters with a £4.15m funding package from HSBC.
 
Since launching in 2006, MID Communications has pursued an ambitious growth and acquisition strategy, as well as winning numerous industry and local business awards.

It is now the largest O2 franchise in the North West.
 
The funding has allowed the business to acquire six new stores in target locations across the North West, increasing its portfolio to 16 stores.

The latest acquisitions have allowed the business to gain a presence in Merseyside and to consolidate its position in Greater Manchester.

As a result of the firm’s expansion, it is expected that its turnover will increase from £11m to £20m in the next financial year.
 
The acquisition has already created 16 new jobs, from store sale advisers to senior managers, and the business welcomed 68 new members of staff from the six newly acquired stores.

In addition, HSBC’s funding package has enabled MID Communications to double the size of its Oldham headquarters to 6,000sq ft. The enlarged building will give MID Communications a platform which will allow the business to meet growing demand.  

Danny Simpson, sales director at MID Communications, said: “This is an exciting time for the business and our success has only been made possible by striving to achieve an ambitious growth strategy.”