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PMGC secures £2.5 million funding from Santander

Alex Yau
June 2, 2014

Vodafone dealer says cash will be used to push ahead with its ‘Weighless’ business strategy

Vodafone platinum partner PMGC Technology has secured £2.5 million of funding from Santander Corporate and Commercial.

The financing will help bolster the unified communications provider’s finances after it recently cut staff numbers and closed three offices. This followed an aggressive expansion strategy in recent years at the firm which has purchased four companies in the past two years.

PMGC was formed out of the merger of Vodafone platinum partners Premier Mobile and Phonebox in April 2012, creating the UK’s second largest independent dealer with more 54,000 connections and revenues in excess of £10 million.

It retained its platinum status following Vodafone’s cull of almost half of its platinum partners in September 2013. Its latest published financial results for the year-ending 31 May 2013 revealed turnover of £11 million and a pre-tax loss of £1.4 million. During that period it acquired Vodafone platinum partner Veecom Systems and gold partner AMC Communications.

The firm says the cash will allow it push ahead with its ‘Weightless’ businesses strategy which allows firms to move towards modern methods, such as remote working.

“We have created the Weightless Office – a fully managed cloud-based solution that enables our customers to operate more effectively regardless of location – for the first time,really changing the way they work. No more 9-5, no more office based working, no more ties to a singular location,” PMGC Technology financial director Shez Cheema said in a statement.

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