Business

Equity buy-out deal completes at Hull IT firm after strong growth

The owners of Hull-based IT services company Intrasource have completed an equity buy-out following an “impressive period of growth” for the business.

Operations director David Collings and technical director Matthew Nunns take full control, five years on from the £150,000 UKSE investment which facilitated a management buy-out.

It has delivered a strong performance through the pandemic as clients ranging from independent coffee shops to national corporations looked to improve IT infrastructure, allowing remote working and online sales.

Read more:Pure Broadband’s new MD aims to double growth in next three years

Now the 21-year-old Hessle firm employs more than a dozen people, with a turnover of £1.4 million, and is keen to add more.

Mr Collings said the business was well placed to further capitalise on market growth opportunities, and to press ahead with recruitment plans to fill a number of technical and support roles in the coming months.

Expressing his gratitude to the UKSE team, he said: “We are extremely grateful for the success and growth we have experienced over the past year, and to have been in a position to help our customers – new and existing – to gear up their IT infrastructure in order to tackle the challenges presented by the pandemic head on.

“The initial investment helped to facilitate an MBO which meant we were able to secure the company’s future here in Hull.

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“Furthermore, exit discussions were fair and straight forward. No penalties.

“We believe we are a stronger and more valuable company for having worked with UKSE, and we remain committed to our original vision of continuing to grow, and to create further job opportunities in the local area.”

UKSE focuses on steel regions with investments, loans and property support. It provides loan and equity finance of up to £1 million.

Matt Stewart, investment manager at UKSE, said: “Working with Intrasource has been a pleasure. The continued success of the business is testament to the hard work and commitment that David and Matthew have shown over the past five years, and we wish them the best of luck with their future growth ambitions.

“As ever we are delighted to have positively contributed to a business which is creating job opportunities and to have helped David and Matthew own their own business. We look forward to seeing them continue to grow. As with all of the returns we make from our investments we will seek to invest this money in other local companies.”

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