Lancashire telecoms firm secures £20m funding

DEMAND: Matt Newing
DEMAND: Matt Newing

Lancashire-based Elitetele.com PLC has set its sights on further growth after securing funding worth up to £20m.

The facilities have been provided by Lloyds Bank Commercial Banking’s Manchester Mid-Markets and Strategic Finance teams to support the business’s ongoing growth strategy.

As business confidence returns and technology develops faster than ever before, our customers require increasingly complex solutions.

Matt Newing

The communications specialist has made 11 acquisitions since 2008, including London-based Modern Communications and Stoke-based Qualitel Voice & Data Ltd, and continues to look for further opportunities.

Chorley-based Elitetele.com offers a range of communications services. It recently launched a Global Services Division aimed at tackling the stress businesses face when dealing with multiple providers and different platforms.

Revenues of £31m were posted for the year ending July 2014, an increase of 31 per cent on the previous year, thanks to the successful integration of previous acquisitions, as well as investment in emerging mobile and cloud technology.

Founded in 2000, the business employs around 120 staff, with customers spanning a wide range of sectors from hospitality to travel.

Chief executive Matt Newing said: “As business confidence returns and technology develops faster than ever before, our customers require increasingly complex solutions.

“The flexible funding and expertise provided by the Lloyds Bank team will enable us to continue to meet customer demand through the acquisition of businesses.”

Terry Errington, of Relationship Elitetele.com, was advised by Matthew Christmas and Charlie Weems at DLA Piper, Manchester. Lloyds Bank was advised by Richard Capper and Helen Penfold at Hill Dickinson, Manchester.