Redsquid looking to quadruple turnover to £25m within three years

CEO Andy Tow outlines ambitious target as B2B dealer continues growth

Redsquid Communications has set a target of quadrupling turnover to £25 million within three years as part of ambitious plans to rapidly expand the business.

Last November, chief commercial officer Sohin Raithatha (pictured left) told Mobile News that the immediate aim for the B2B dealer was to grow turnover by 50 per cent to £6 million in its most recent financial year ending March 31, 2017, driven by a higher number of customers buying more than one product from it.

The first part of this expansion plan is being achieved through a recruitment drive over the coming weeks and months, adding seven members of staff to take headcount close to 50 at the Vodafone Total Communications Partner’s headquarters in Borehamwood, Hertfordshire.

Acquisitions

Redsquid CEO Andy Tow (pictured centre), who joined the business in April and took over its leadership from co-founder Raithatha, is planning to recruit a sales director, account manager, three unified communications consultants and two people within UC and IT support.

The company’s growth targets will also be driven by a number of acquisitions to expand its offerings in the managed services and IT sectors, which would eventually see total headcount increase by more than 150 per cent to around 100.

Redsquid is currently in discussions with potential acquisition targets. Its first and last company purchase was that of B2B dealer 5Com for an undisclosed fee last year. This added 3,500 mobile connections, to take its total base to 14,000 lines.

Organic growth

“This is backing up what we have previously said about our future growth,” said Tow. “At present, this strategy is being driven through organic means and increasing sales,so it is important to grow the total headcount and recruit the right people.

“If any of our acquisitions do complete this year, we’ll potentially be looking at adding another 15 people in addition to the seven we’re aiming to recruit over the coming weeks.”

“Looking at our three-year plan, we’re looking at £9 million at the end of our next financial year, followed by £17 million and £25 million, but that won’t happen without acquisitions.”

Last month Redsquid further strengthened its board of directors with the appointment of Andy Coughlin in the newly-created position of non-executive chairman.

He has gained experience at IBM, Compaq and two digital publishers, and was also business development director at BHP Information Solutions for 10 years.