A fast-growing broadband business launched by two young entrepreneurs is targeting turnover of £25m within three years after securing investment from Finance Yorkshire.
It recently secured a deal to supply fibre connectivity to the new, 250,000 sq ft Amazon fulfilment warehouse in Doncaster.
Finance Yorkshire has supported Origin Broadband’s growth plans with a £550,000 investment from its Equity Fund. This takes its overall investment in the business to more than £1m following two investments in 2015.
The funding has enabled Origin Broadband to employ additional sales staff and build its cable network. It currently has a turnover of £3.5m and employs more than 50 people.
Oliver Bryssau said: “The business is adding customers every month and we put that growth down to having a quality service and a market leading price. We are focussing our efforts on business contracts, where companies come to us for advice and we offer a complete telecoms and internet solution.
“By investing in more cables and exchanges, we pay less to third parties and gain more control over the types of business solutions we can offer.”
The investment comes as Finance Yorkshire reaches the milestone of £106 million invested in growing companies across Yorkshire and the Humber. In the financial year to March 2016, the Fund invested in 106 companies, which represents an overall investment for 2015-16 of £14.7 million.
Alex McWhirter, chief executive of Finance Yorkshire, said there were more investments in the pipeline from its Business Loan, Equity and Seedcorn funds. “Reaching £106 million is a fantastic achievement but we won’t be resting on our laurels.
“We have funds to invest in companies with a strong track record that are hungry for growth and we look forward to delivering further business growth and jobs to boost the regional economy.”
Since its inception, Finance Yorkshire has invested in more than 460 companies, enabling those businesses to increase their turnover by a collective £377 million and attract a further £273 million from other private sector sources. Finance Yorkshire investment has helped those SMEs to create and safeguard more than 12,000 jobs in the region.
Origin Broadband is set to continue its rapid growth trajectory. It recenty installed a superfast wi-fi service for the market town of Bawtry, near Doncaster, by routing a fibre cable to the town’s Crown Hotel.
The company has added experience to its boardroom with the appointments of Mark Hurley and Geoff Orme as chairman and Finance Director respectively. It has also won a string of awards, including numerous business personality awards for Oliver and an apprentice training award from Doncaster College.
Paul Gower, investment director at Finance Yorkshire, added: “Origin Broadband is a young, dynamic business that requires cashflow to maintain its current growth trajectory. It is already one of the largest network suppliers in the region and has attracted a diverse customer base including schools, hospitals, businesses and homes.”
Finance Yorkshire 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.