Major telecommunications comparison company, Comparison Technologies, has undergone a management buy-out after receiving a multi-million pound funding line from Bibby Financial Services (BFS).
Comparison Technologies is headquartered in Maidstone, Kent and is a leading independent comparison, switching and customer acquisition platform in the UK.
Operating in the Pay TV, broadband and mobile markets it delivers 300,000 customers and over 拢250m lifetime value annually to its industry-leading partners.
In July, the business required a new funding partner to enable an MBO and support its continued cashflow to allow subsequent growth – and was introduced to BFS鈥� Corporate team by Darren Miller and Bilal Hasan at FRP Corporate Finance.
Led by corporate sales manager Michael Reid, BFS provided a multi-million pound Invoice Discounting (ID) package.
BFS was chosen as Comparison Technologies鈥� funding partner due to its understanding of the business鈥� requirements, and its ability to quickly offer a flexible facility structure.
Peter Callander, CFO of Comparison Technologies said: 鈥淎s we enter a new era of the business, it was crucial that we partnered with a funder that recognised our specific business needs and our vision for the future.
鈥淭he team at BFS have exceeded our expectations, and I am excited about what is ahead for Comparison Technologies with BFS at our side.鈥�
Darren Miller, partner of FRP Corporate Finance, added:聽鈥淐omparison Technologies is comprised of a team of hardworking and dedicated professionals, evident in the management buyout that took place in order to take the business forward.
鈥淲e鈥檙e delighted to have advised the management team on its MBO, and to have facilitated this partnership with BFS, which proved it was the best fit due to its attitude, flexibility, and commitment to matching the business鈥檚 needs.鈥�
Michael Reid, corporate sales manager at BFS commented: 鈥淲e鈥檙e proud to be Comparison Technology鈥檚 chosen funding partner, and to assist the team at the helm of an impressive industry-leading business. We鈥檙e dedicated to supporting the company and its evolving needs in this next stage of its growth.鈥�
BFS was supported from a legal perspective by David Gledhill and Rachael Killworth from Bermans.