Vodafone platinum partner signs deal with HSBC to support organic and acquisitive growth strategy, including the financing of a management buy-out
Excalibur has secured a seven-figure funding package with HSBC Commercial Bank to support future growth plans, incorporating the financing of a management buy-out (MBO).
The move is expected to create 20 new sales jobs before the end of January 2013, adding to its existing workforce of 60 staff, and drive revenues at the company as it looks for both organic and acquisitive growth.
HSBC’s Wiltshire Commercial team has provided the financial package, which includes extended working capital facilities to support these plans. Swindon-based IT communications company Excalibur moved its full business banking to HSBC last year in a deal led by the bank’s senior international commercial manager Gary Mealing.
The MBO sees Excalibur CEO James Phipps (pictured) become the majority shareholder with an 80 per cent stake in the business. Managing director and founder Gary Wetherall will step down, although he retains a stake in the business.
Following the MBO, Phipps has appointed four new senior managers, including Dave Wardell as sales director and Tim O’Donnell as operations director. Wardell was head of global sales at Nokia Siemens Networks, with O’donnell VP of operations at IT services company Sentaca.
Sally Parker will take on the role of Excalibur’s service delivery manager while Melanie Stevens has been recruited as HR manager.
Excalibur, which also has offices in Chertsey and Basildon, provides mobile communications, telecoms and IT services to over 5,000 businesses. It also sponsors Swindon Town Football Club manager Paolo Di Canio and the club’s Stratton Bank stand.
Phipps said: “Revenues are up 50 per cent on this time last year but we think there is scope for further growth in this market. I am keen to push the boundaries of this business and to ensure we continue to further exceed our customers’ needs and expectations. HSBC’s role was critical in this MBO and we see the bank as a valued and long-term partner.”
Mealing said: “We have been impressed by James’s passion and tenacity in driving Excalibur’s growth and it is exactly the type of business that is helping the UK’s economy trade out of these difficult times. The company is recruiting, innovating and displaying confidence and we look forward to working with Excalibur as it continues on its growth plan.”