Connectus will use Time Finance’s revolving credit facility to help fund an “exciting new phase” of their development that is set to include expansion, additional staff hires and new acquisitions.
Commenting, Roy Shelton, the CEO of Connectus said: “We are delighted to have secured this new funding with Time Finance which will help create an important new chapter in the story of our business. It will fuel the growth of Connectus Business Solutions and it will also help meet the growing demand for our connect, protect and collaborate managed services.”
Mr Shelton said Connectus’ mantra of reducing cost, complexity and risk for its clients, has helped to accelerate revenue growth by more than 47 percent in the past year. Earnings before interest, taxes, and amortization are now at 18 percent.
He added: “We’ve had a strong start to 2023, and now this new funding will allow us to make even more investments into our fibre network and secure hosting environment. It will also allow us to extend our cyber security capabilities and invest in more engineering and support staff.
“We have ambitious plans for additional acquisitions that are progressing well. With this funding in place, we will be able to add to the services we provide our customers we serve and further extend our geographical reach. We are at an exciting new phase of development.”
Time Finance supports more than 10,000 UK businesses every year with flexible and supportive funding solutions.
The alternative finance provider specialises in the provision of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. They boast a diverse portfolio that includes Asset Finance, Invoice Finance, Business Loans, and its recently established Asset Based Lending solution.
Rob Walters, Business Development Manager at Time Finance, said: “Connectus is a fantastic business and one we’re delighted to support. They have ambitious plans to grow and we look forward to seeing how our funding can help them to make a real impact.”
ABOUT THE CONNECTUS GROUP:
With its HQ in Doncaster and an additional service centre in Salford, Connectus is a trusted partner to 100s of business, schools and public sector clients across the UK
For more than 20 years, Connectus Business Solutions has been a leading business connectivity and managed services partner, providing business critical infrastructure alongside fully managed solutions to help companies stay connected, protected and to collaborate effectively online as they scale and grow. With a two-decade legacy in telecommunications, Connectus helps clients to mitigate costs, complexity and risk and provides business critical infrastructure along with fully managed solutions. It has a dedicated, customer focused and technically capable team, who work with clients at their own pace and level of technical understanding to ensure great outcomes are achieved.
Last April, Connectus announced it was merging with KTSL to create the Connectus Group. The merger sets the Group on a path to becoming one of the leading IT Managed Service Providers (MSPs) in the UK.