A company that supplies telecommunications for business is planning to double turnover in two years following a funding boost from Finance Yorkshire.
Garforth-based Excel Telecom sells the latest phone, mobile, broadband and IT services, which enable companies to stay at the forefront of technology in this fast-moving market.
Gail Turner, managing director, completed a buyout of the business from its founder in 2013. Customers range from small businesses to larger corporates, and Excel prides itself on its personal service. Turnover is around £1m.
Despite making a profit, Excel Telecom needed additional working capital to invest in marketing and staff. It particularly required funding for expansion plans in Leeds and Hull.
A Business Loan from Finance Yorkshire has helped the company to hire its first apprentice, 19-year-old Hafeefer Nazir, who is being trained in all areas of the business.
It has also invested in a state-of-the-art demo suite that gives clients an insight into the future of telecoms.
Gail said Excel Telecom aimed to double turnover within the next two years. “Our aim is to be at the forefront of business connectivity. In the future, all IT and communications will come via one channel into the building and we believe we are well placed to capitalise on that opportunity.”
She said a further apprentice hire was on the cards following Hafeefer’s arrival: “I’m a great believer in young people. A lot of them are not given a chance. This funding has enabled us to invest in the future of the business,” she explained.
Grahame Lunt, investment manager at Finance Yorkshire, said: “This is an exciting time for Excel Telecom. It has a loyal customer base and a clear vision around how telecoms will be provided in the future. We look forward to seeing this business expand and take on more staff.”
The deal was introduced to Finance Yorkshire by Andrew Charles of Sochall Smith chartered accountants in Leeds.
To date, Finance Yorkshire has made 694 investments totalling £90 million.
It provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30m investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15m from UK Government and £45m match funding from the European Investment Bank.