Member Article

Barclays backs North West telecoms business with £30 million

Chess Telecom, based in Cheshire, has secured a £30 million revolving credit facility from Barclays to provide continued support for its acquisition strategy.

The deal was arranged by Barclays in Manchester led by Richard Faulkner, Relationship Director for Technology, Media and Telecoms.

Chess Telecoms have made over 80 acquisitions of fixed lines and calls, to date. More recently acquisition emphasis has been on Mobile, CRM, VoIP, Data and ICT businesses.

It concludes a busy couple of months having recently completed several corporate deals including the £18.5m refinance for K3 plc and completing and co-ordinating the £80m club deal for The Hut Group.

Richard Faulkner, relationship director for technology, media and telecoms at Barclays Corporate Banking said “Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess’s acquisition strategy.

“We are the only bank with a dedicated Northern TMT team and I am confident the funding from Barclays will allow Chess continued growth and profitability and to maximise their potential.”

This was posted in Bdaily's Members' News section by Sophia Taha .