Communicate set for further growth with £500,000 NPIF investment
NPIF - FW Capital Debt Finance, part of the Northern
Powerhouse Investment Fund backs Tees Valley technology firm
Communicate Technology PLC to support further growth aims with an
investment of £500,000.
The fast-growing company has surpassed projections year on year,
listed for the second year running as one of the fastest growing
companies in Europe by the Financial Times, named as ‘one to watch’
by the Telegraph and listed as one of the top 50 best companies to
work for in property by Property Week.
The company installs and maintains IT,
telecoms services, cyber security and cloud based services to
businesses across the UK, with a specialism in multi-occupancy
commercial properties and business parks across the UK.
The £500,000 investment will see Communicate
Technology PLC expand their services into an additional 35
buildings and create new jobs in the Tees Valley.
Konrad Rutkowski, finance director at
Communicate Technology PLC said: “We’ve gone through a
huge growth phase very quickly which has resulted in doubling our
revenues. We reached out to FW Capital as we needed funds to
complete the work plan to hire additional staff and kit.
“They understood what we wanted to achieve and
had more flexibility than some of the more traditional lenders who
look at immediate profit in projects, whereas FW could take a
Tony Snaith, CEO of Communicate
Technology PLC said: “In the next 18 months, we’re looking
to connect another 35 buildings with our services. The £500,000
investment has been a crucial aspect in developing our growth
plans, which will result in recruiting around 10-15 new staff
members in the Tees Valley to fulfil those obligations.”
Tony continued: “In addition, we are looking
at other acquisition opportunities to further our nationwide
Keith Charlton, investment executive
at FW Capital said: “We are extremely happy to support and
invest in Communicate, they have great potential and are growing at
a rapid pace and have achieved many accolades.
“We’ve known Communicate for a while, their
development team are forthcoming and their growth expectations are
realistic and appealing. It is exciting to back their plans, which
ultimately will create jobs in the Tees Valley which we are proud
Ben Houchen, Tees Valley Mayor,
said: “This investment by the Northern Powerhouse
Investment Fund is a testament to the hard work of everyone at
Communicate. The Tees Valley is known the world over of steel,
heavy engineering and chemicals, but we are so much more than that.
To see digital services firms expand just shows how much potential
there is in our region.
“This investment is a vote of confidence in
the whole Tees Valley and our skilled workforce.”
Grant Peggie, Director at British
Business Bank, said: “The North is home to a growing tech
sector and Communicate Technology has already achieved significant
growth . We are pleased that the Northern Powerhouse
Investment Fund is supporting further growth and we will
continue to back small businesses with investment to create jobs,
drive new technological innovations, and help businesses fulfil
their growth potential.”
The Northern Powerhouse Investment Fund
project is supported financially by the European Union using
funding from the European Regional Development Fund (ERDF) as part
of the European Structural and Investment Funds Growth Programme
2014-2020 and the European Investment Bank.