Chess increase Acquisition Fund to £25m with Barclays
Chess Telecom, one of the UK’s leading providers of voice and data solutions has strengthened its acquisition strategy with a further £10 million facility with Barclays Corporate Banking.
The deal was arranged by Barclays Corporate Banking in Manchester, led by Richard Faulkner, Relationship Director for Technology, Media and Telecoms and Oliver Reece, Debt Finance. The deal also includes an increase in the Revolving Credit Facility to £10 million. The facility is part of the government supported Funding for Lending scheme.
Chess is one of the most successful consolidators of the telecoms market having made over 70 acquisitions to date growing its customer base from 21,000 in 2011 to 30,000 in April 2013. Established in 1993, Chess offers a comprehensive communications product portfolio including Fixed line and Calls, Mobile, Broadband, Data, VoIP and System Maintenance.
David Pollock, Chief Executive at Chess commented “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, commented “The funding received from Barclays is an endorsement of our strategy and will enable potential acquisitions, in order to grow our portfolio. We have been very impressed with the holistic approach from Barclays, their appetite to do business in the current financial climate, and by the professional manner in which the Corporate Banking team delivered the deal. Chess is now firmly established as the UK leading consolidator of small telecoms businesses.”
Richard Faulkner, Relationship Director, Technology, Media and Telecoms at Barclays added: “Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess’s acquisition strategy. 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.”
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.