Office tech provider targets turnover growth after funding secured

An office technology and supplies provider has outlined plans to increase its turnover by 25 per cent over the next three years after securing additional funding from Lloyds Bank.

Altodigital Networks, which was established in 1987, provides a range of products and services, including print, document management and office supplies for businesses across the UK.

Its clients primarily operate within the corporate, housing, healthcare, government, legal and education sectors.

The Lloyds Bank Commercial Banking team has worked with the Altodigital’s management and business manager Stewart Abrahart to develop a financial support package which will help it increase its overall capacity through organic growth and targeted acquisitions.

The move is part of a growth strategy, which has seen the business acquire ten businesses in the past five years, including Pro-Copy.

The company, which is headquartered in Dudley, saw sales rise by ten per cent over the past 12 months, contributing to an annual turnover of more than £70m.

The business now employs 420 staff across 12 sites in Kingswinford, Leighton Buzzard, Bristol, Leeds, Newark, Southampton, Liverpool, Bromley and Harlow.

Chief executive James Abrahart said: “We’ve built a great reputation to become the UK’s largest independent player in this field and we’re determined to keep growing.

“With a large amount of quality firms in the sector at the moment, this is a great opportunity to expand our team and operations.

“The funding package from Lloyds Bank gives us the flexibility to identify the right opportunities and adopt a measured growth strategy that matches the organic growth of the business.

“It’s an exciting time for the business, and we’re looking forward to the prospect of expanding our presence and team in the near future.”

Jasmeena Sandhu, mid-markets relationship manager at Lloyds Bank Commercial Banking, added: “Altodigital has achieved impressive growth since its creation, and this year has been no exception.

“It’s the perfect time for Altodigital to benefit from market conditions and explore different options to expand the business.

“As a UK based business with 12 locations it’s making a fantastic contribution to the regional and national economy and we’re pleased to facilitate its further success.

“As part of our wider plan to help Britain prosper, we’re committed to providing solutions for businesses, and we’re committed to increasing our funding to SMEs and mid-market business by £2bn this year.”

Source link