Selection Services secures £1.5m loan from Barclays01.24.2013
24 Jan 2013 10:38 GMT
Selection Services, the leading supplier of IT managed services, has secured a £1.5m loan from Barclays to assist with their growth plans.
With 350 staff across the UK, Selection Services provides IT support and services, project delivery and strategic consultancy. The business was established in 1992 and has over 500 clients throughout the UK and internationally.
Since its launch, the business has grown rapidly into one of the major suppliers of IT managed services in the UK.
It will use the financing from Barclays to assist with the acquisition of 8el, the managed communications provider that supplies VoIP telephony, ISP services and Wide and Local Area Network solutions to the market. This acquisition will allow Selection Services to bring their currently outsourced connectivity in-house.
Harvey Downer, Finance Director at Selection Services plc, said: “Barclays has displayed a keen interest, knowledge and undoubted specialism in our business and our sector. In addition to their valued advice, they have provided us with tangible financial support that will enable us to deliver our ambitious growth plans.”
Piers Deppe, Relationship Director in Barclays Technology Media and Telecoms team, added: “Selection Services is an impressive, fast-growing business whom we have worked with for 20 years. They are continually looking for new ways to add value to their clients and the acquisition of 8el will enable them to offer a comprehensive end-to-end solution.”
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.