Highly acquisitive Technology Services Group ( TSG) has banked a £25 million facility from Lloyds TSB Corporate to fund further growth.
Newcastle-based TSG was launched only two years ago by Sage cofounder Graham Wylie, who now chairs the ambitious firm that has grown to £38 million turnover and plans to hit the £100 million mark within the next three years.
TSG now employs 380 staff, providing IT services to over 9,000 small and medium-sized businesses from locations across the Midlands, North of England and Scotland.
According to business development director Nigel Hudson, the company is only a third of the way into its acquisition trail with the aim of becoming the leading national player in the IT services market for SMEs.
Commenting on the acquisition facility, senior relationship manager for Lloyds TSB Corporate, Mike Stubbins said: "There's an element of d>j? vu here as the bank worked closely in a supportive role for Graham and his colleagues during the early years of Sage. It's been a stimulating couple of years since the launch of TSG and we look forward to more excitement on the acquisition trail."
TSG finance director Alan Schofield added: "We're now ideally placed to continue with our growth plans.
"Our own continuing investment in the right businesses, coupled with the funding facility through Lloyds TSB Corporate, will allow us to consolidate our national presence over the next couple of years with a continuing structured programme."