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Chess Telecom secures £50 million investment for acquisitions
Recent acquisitions made by the distributor include IRW Systems and Avenir Telecoms
Chess Telecom has secured a £50 million investment from Barclays to support its future acquisitions.
The distributor will plan to use the investment to refinance existing facilities and fund future acquisition activities alongside a new management incentive scheme.
Recent acquisitions made by the Alderley Edge-based distributor include IRW Systems, Parachute IT, elbillz. Integra ICT, Avenir Telecoms and the CRM Business.
Chess director Richard Btesh (pictured) said: “The funding received from Barclays demonstrates the success of our strategy of acquiring small to mid-sized telecoms businesses and our move towards the cloud, data and hosted space.”
Barclays relationship director Richard Faulkner 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. We are the only bank with a dedicated Northern TMT team and I am confident the funding from Barclays will allow Chess continued growth and profitability and to maximise their potential.”