Member Article

Evolve funds growth for NE internet hot-spot specialists

A North East-based company providing wi-fi internet hot-spot services is gearing up for expansion following a six-figure funding injection from NEL Fund Managers Ltd’s specialist mezzanine and debt division, Evolve Finance. Fast growing MyZones, which is moving to new premises in Team Valley in June, provides packages to companies and operators of public locations like shopping centres who want to offer customers access to wireless internet services.

The company already provides services at a number of wi-fi hot spots across the region as well as nationally and internationally. MyZones is now looking to develop several more sites across the UK and internationally and promote existing ones in a major strategic push that will see the recruitment of a new sales person and new engineer based at its Team Valley site.

MyZones’ technical director Ken Wolstencroft said: “We have enjoyed strong growth over the past three years and the technology is now mature enough to meet customer needs. The need now is to develop sales and promote ourselves strongly in the market place, which will be funded by this new round of investment. Evolve were the perfect funding partner. They really understood what we were trying to achieve and have been extremely supportive, while access to the funding has been extremely straight forward.

Joanne Pratt, investment executive at Evolve said: “MyZones differentiate themselves by providing a flexible solution that results in tangible benefits to their customers. The technology is proven and the market is in a period of significant growth. It offered an ideal investment opportunity and we were extremely pleased to be able to support Ken and his colleagues with their plans to take the business forward.”

For further details of NEL Fund Managers Ltd’s investment criteria, call 0845 111 1850 or visit www.nel.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .