Vodafone Platinum Partner has bagged £10m from the Business Growth Fund and £5.25 million in debt facilities form Barclays
Vodafone Platinum Partner Olive Communications has secured more than £15 million in investment to spur on its growth plans.
The Business Growth Fund (BGF) has contributed £10 million in growth capital, while the High Wycombe-based dealer has also secured a further £5.25 million in debt facilities from Barclays bank.
The funding will be used to expand the range of services Olive offers to its customer base, plus develop its 150-strong staff base.
Martin Flick, CEO, Olive said: “Over the past few years, we have experienced continued growth as a result of the exceptional talent and hard work of the Olive team. Results have been very impressive on a self invested basis but we have ambition to develop our product offering for customers and partners even further.
“BGF’s minority, long-term funding model gives us the flexibility to do this. At the same time, we keep control of the business. We are excited about this partnership, and about leveraging the huge network that BGF has built over the past four years.”
The BGF provides capital for growing companies, such as Olive which has seen yearly turnover grow from £11 million in 2012 to almost £30 million at the end of this financial year. It has made over 60 investments since it was founded in 2011, providing more than £300 million worth of capital.
As a result of the investment, Mark Nunny, an investor at the BGF will take a seat on Olive’s board as a result of the investment.
Nunny said: “Over the last three years, Olive Communications has emerged as a leading business communications provider for SMEs with particularly impressive growth in the fast-growing converged enterprise space. The team has achieved exceptional growth and we are looking forward to working with Martin Flick and his team to continue this trajectory.
“Our flexible equity will give Olive the headroom to invest organically for growth and consider acquisitions as part of its strategy.”