Agile Group secures a six figure investment from Northstar Ventures, Lloyds TSB and Let's Grow to fund expansion
The Stockton based IT provider has raised capital to relocate premises, increase headcount and launch two new service lines.
Stockton based IT and communications service provider offering networks, systems and broadband solutions.
Stockton based IT and communications provider Agile Group has secured a significant six figure investment to support its expansion plans. The funding comes from Northstar Ventures, Lloyds TSB, existing shareholders and the Let's Grow Regional Growth Fund programme.
Established in 2009, the group offers network, communication and system services primarily to small and medium enterprises in the North East. The capital will enable the business to relocate to new premises, expand its workforce and launch two new service lines, comprising a data centre and managed Voice over Internet Protocol capabilities.
Chief executive Simon Scotchbrook noted that the injection of capital recognises the team's performance and supports their objective of reaching £10m in turnover by 2016. Northstar Investment Manager Richard Charnley highlighted the firm's consistent revenue and profit growth over the preceding three years as a key factor in the backing.
From the founder
"The funding that Agile has been able to secure from Northstar, Lloyds TSB and the Let's Grow fund is a real credit to Agile and our team's performance since we set up."
Simon Scotchbrook
CEO at Agile Group
Investor perspective
"Simon Scotchbrook is an impressive individual with a good team behind him. When he and the team at Agile presented their plans to us we were struck by their commitment, focus and drive to making Agile a success."
Richard Charnley
Investment Director, Northstar
Use of funds
- 01Grow the team
- 02Build out infrastructure
- 03Continue product development
- 04Scale operations
Investors
Categories
About the company
Agile Group
Agile Group provides information and communication technology services to small and medium sized businesses.