Member Article

Wetherby IT services firm refinances for growth

Wetherby’s Esteem Systems, an IT managed services provider has completed a refinancing deal with the Acquisition Finance team at Lloyds Bank Commercial Banking.

The funding package, comprising senior debt and working capital facilities, will support Esteem’s growth strategy.

Capitalising on the growing demand for its ‘Maintain, Transform, Manage’ IT service offering, the firm reported turnover of £33.8 million with EBITDA at 10.2% in its latest set of results.

Esteem is a longstanding client for the bank’s Acquisition Finance and Mid-Markets teams, which backed the management buy-out of the business in 2004, and provided additional funding in 2010 to facilitate the acquisition of SiRViS IT Holdings plc.

Neil Price, head of North of England and Scotland at Lloyds Bank Commercial Banking’s Acquisition Finance team, said: “Esteem is a valued Mid-Markets customer with whom we have enjoyed a decade-long relationship.

“The refinancing deal demonstrates our confidence in the business’s proposition, management team and future strategy, and we look forward to seeing where this next stage of growth takes the company.”

Established in 1985, Esteem provides managed IT services to mid-market and corporate customers across the UK and operates across a wide range of sectors including healthcare, higher education, professional and financial services.

Its client roster includes names such as Leeds Teaching Hospitals, the University of St Andrews, law firm Irwin Mitchell and the Nottingham Building Society.

Joe Connolly, chief executive of Esteem, said: “We’ve enjoyed a string of successes in recent months, such as being chosen as a delivery partner on the new NHS IT procurement framework and securing Citrix Solution Advisor Platinum status.

“These credentials place us in a stronger position than ever to expand our managed service client base, and Lloyds Bank’s financial support provides us with the ideal platform from which to achieve our growth strategy.”

This was posted in Bdaily's Members' News section by Clare Burnett .