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 longer-term view.”
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 presence.”
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 to support.”
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.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719